As budget season gets underway, the critical question is are we on path to an inclusive recovery?

Dear New Yorkers,

On Wednesday, I made a (virtual) trip to Albany to testify on the Governor’s Executive Budget. The state budget, which is due by April 1, is where the rubber meets the road in New York State—and has a huge impact on how our city delivers services to our neighborhoods.

I wanted to share some of what I said to lawmakers in Albany with you, because this couldn’t be a more important time to be discussing together the investments we need in our communities.

The numbers suggest that we are, at last and fitfully, turning the corner on two long years of a pandemic that has been devastating for so many New Yorkers and shined a harsh spotlight on inequities in our economy. In New York City, the unemployment rate is 8.8%, still double the nation’s, and jobs remain more than 400,000 below February 2020. But as the Omicron surge wanes, we do see many signs of economic recovery.

However, there are serious concerns about how that recovery will be shared. Federal and State rescue spending saved millions from eviction, food insecurity, and bankruptcy. But now much of that relief is expiring, just as rising inflation is eroding families’ spending power.

The critical question in the months to come will be: are we on a path for an inclusive recovery? And how are the state and city budgets that will be debated over the coming months facilitating it?

Everything in this budget should be judged against how well it supports a stronger, more inclusive, and more resilient state that is better prepared to withstand the next crisis. We have a unique opportunity to spend one-time federal funds and surplus state tax revenue to address the devastating impacts of the pandemic, to confront the inequalities it exposed and exacerbated, and to prepare for the future.

It is critical to replenish funding for the Emergency Rental Assistance Program (ERAP) and the Excluded Workers Fund. We should not neglect the thousands of New Yorkers who were denied relief simply because funds ran out before their turn.

We must move quickly to protect tenants who are facing rapidly escalating rents and the threat of eviction by passing Good Cause eviction protections.

It is also time to revisit the minimum wage. As of December, consumer prices were up 4.4% in the New York metro area over the last year, including a 6.0% increase in the cost of food at home, posing a burden for low-wage workers.

One of the best tools for ensuring an inclusive recovery is our public universities. I support the Governor’s proposals to expand tuition assistance, but we should go further by passing The New Deal for CUNY.

I was pleased to see the Governor's focus on housing in the budget, including permitting and legalizing accessory dwelling units, encouraging transit-oriented development, and converting hotels and office buildings into housing. The proposals must come along with strong affordability requirements and tenant protections.

The legislature should allow 421-a to expire, and set a deadline of the end of this calendar year to achieve long overdue comprehensive property tax reform that would eliminate the inequities among homeowners and between rentals and condos, and co-ops.

And finally, as New York City’s chief financial officer and fiduciary, I made the case for modernizing the basket clause, an outdated investment regulation that hampers the ability to achieve returns for retirees and the state and city budget and urged a more structured plan for our rainy-day fund.

These reforms will set New York City up for an inclusive recovery that ensures we are a city where all people can thrive—not just those at the top.

My office is committed to working in partnership with Albany to secure a fairer and more sustainable future for all New Yorkers.

You can read the rest of my testimony to Albany lawmakers on our website here ([link removed]) .

With gratitude,

Brad

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