New York City is depending on federal aid from Washington to protect Mayor Bill de Blasio’s precariously balanced pandemic-shaped budget from the many risks it contains — including any shortfall in ambitious money-saving targets. Those are among the key findings of fiscal experts from the Independent Budget Office and the Citizens Budget Commission, who said […]
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 inRestaurants
NYC Restaurants Struggle to Stay Open with Loans — and Time — Running Out
At The Nugget Spot on East 14th Street in Manhattan, business for all of June equaled one good Thursday before the pandemic. In Long Island City, Corazon de Mexico’s take is running about 15% of what it once was, despite promotions to boost business. Havana Central’s takeout and delivery business at its Times Square restaurant […]
Posted inState Budget
Cuomo Plays Waiting Game on Federal Aid as Small Funding Cuts Threaten to Turn Huge
Last week, Ralph Fasano got the news every nonprofit that relies on state aid fears. The state Office of Mental Health told Fasano, the executive director of Concern for Independent Living, that he needed to be prepared to return some of the funding he had just received to pay for the housing and services his […]
Posted inDevelopment
De Blasio Starts Remote Land Use Review to Thaw Frozen Development Process
Facing growing pressure from the real estate industry, Mayor Bill de Blasio announced Wednesday that he would restart the city’s land use process in August and intensify the work in September. The city is launching a new portal called NYC Engage to foster public participation and for community boards to use as they review proposals […]
Posted inDevelopment
NYC Developers Push to Jump-Start Public Review of Key Construction Projects
Many proposals, from Brooklyn rezoning to new plans for Queens Amazon site, are frozen. The city will decide who goes first based on help for pandemic recovery and racial justice.
Posted inEmployment
New York Jobless Face New Woes With End of $600 Pandemic Unemployment Assistance
Despite being laid off, Justin and Terina Sciarrotta have been able to pay the bills. Justin, a union stagehand at a studio producing big shows for a television network, and Terina, a personal trainer at a gym, have been collecting unemployment — plus each gets a $600 per week special pandemic assistance benefit. But the […]
Posted inBudget
De Blasio’s Pandemic Budget Deal Short on Details, Big on Risks, Analysts Say
The $88.1 billion budget deal reached Tuesday by Mayor Bill de Blasio and the City Council in the wake of the coronavirus crisis and a month of protests includes a major reduction in police overtime that many mayors have promised and none have delivered. The spending agreement also depends on $1 billion in unspecified labor […]
Posted inBudget
De Blasio Floated Layoffs to Save $1 Billion. But the City’s Financial Future Teeters on Many Unknowns
Uncertainties over everything from property tax payments to federal aid to massive borrowing leave finances in limbo as New York fights back from the pandemic.
Posted inEmployment
A Slow Climb Back Begins as NYC Hits Likely Bottom on Job Losses
The city lost 20% of its jobs in three months, with low-wage workers hardest hit. As Phase 2 of return begins, a full rebound is four years away, economists predict.