The leadership of the City Council is crafting an alternative to the budget cuts announced by Mayor Eric Adams that potentially includes using the city’s robust financial reserves to stave off immediate cutbacks and asking Albany for tax increases next year to bolster the budget. In media interviews since the mayor announced his plan to […]
Greg David
Greg David is a contributor and Ravitch fiscal and economics reporter at THE CITY. He spent 35 years at Crain’s New York Business as editor, editorial director and a columnist. He is also the director of the business and economics reporting program at the Craig Newmark Graduate School of Journalism at CUNY as well as the Ravitch Fiscal Reporting Program.
Posted inBudget
Three Things to Know About New York City’s Budget Crisis
Mayor Eric Adams says a “crisis” confronts the city and its budget, and laid out painful cuts that hit libraries, sanitation, education and more. But what does a fiscal crisis mean, and what’s the context behind the numbers? Here are three important things to know to understand about the financial situation. Let’s define the word […]
Posted inEconomy
Did the Mayor Prematurely Celebrate Jobs Recovery?
Here is your November economic recovery update from THE CITY. We publish a new analysis of the city’s employment, job and fiscal indicators each month. City Lags Nation, Still New York City lost some 14,000 jobs in October, prompting doubts about whether Mayor Eric Adams jumped the gun by announcing last month the city had […]
Posted inEconomy
NYC Hotel Room Rates Soar as Crucial Holiday Season Begins
The price of hotel rooms in New York City is skyrocketing as thousands of rooms are diverted to shelter asylum seekers and the crackdown on Airbnb eliminates that option for some visitors. For the four weeks ending Nov. 4, the average daily rate in New York City reached $362.70, up sharply from $291.22 for the […]
Posted inLabor
The Actors’ Strike is Over — But Film and TV Production Will Take Months to Recover
President Joe Biden traveled to Illinois Thursday to celebrate the reopening of a Stellantis auto plant shut down in the strike by the United Auto Workers that disrupted that industry. Getting it back up and running took about two weeks after a deal was reached. But it will be months until Mayor Eric Adams can […]
Posted inHousing
Village and Park Slope Housing Projects Pit Adams Housing Push Against NIMBYs
When Arrow Linen Co. revealed last month it wanted to rezone its site on Prospect Avenue in Brooklyn, build two new residential towers and use the proceeds to relocate its laundry facility elsewhere in the borough, the Windsor Place Block Association jumped into motion. It created a group called Arrow Action to oppose what it […]
Posted inEconomy
NYC Has Recovered Nearly All Jobs Lost in the Pandemic
Here is your October economic recovery update from THE CITY. We publish a new analysis of the city’s employment, job and fiscal indicators each month. More than 900,000 jobs have come back A surge in jobs in September puts New York City within 5,000 jobs of the 4.7 million employment record set in February 2020, […]
Posted inConstruction
NYC Will Build Just 11,000 Homes This Year, Half of 2022 Total, Annual Report Finds
New York City is on track to complete only about 11,000 new housing units this year, half the number built in 2022 and a fraction of what is needed to deal with the city’s housing crisis. The forecast, contained in a construction outlook released Wednesday by the New York Building Congress, is in line with […]
Posted inEconomy
Wall Street Powers Through Trouble, Sees Employment Rebound
The headlines about Wall Street this year have painted a dire picture. “New York firms lose $1 trillion in Wall Street business as firms flee the city,” screamed a New York Post headline in August. “Citigroup CEO sets sweeping management changes, job cuts,” reported Reuters the next month. But in fact, the securities industry is doing surprisingly well […]
Posted inReal Estate
Adams and Hochul Hack Tax Break Impasse to Spur New Housing
Through government ownership of land in Brooklyn’s Gowanus and Staten Island’s North Shore, the mayor and governor provide financial relief to developers despite 421-a program’s expiration.