Hundreds of people impacted by cannabis-related criminal charges will finally be allowed to move forward with the pot-shops they had already been granted licenses for — if the terms of a settlement agreement filed Tuesday are approved. With marijuana legalization in 2021, the state created a special class of license called the Conditional Adult-Use Retail […]
Economy
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 inCity Hall
Budget Cuts Hit Preschools, Cops, Libraries as Mayor Blames Migrants
New York City’s expansion of universal pre-k, some trash pickup, and library services have been slashed as part of Mayor Eric Adams’ “extremely painful” cuts in a newly-announced budget modification that looks to trim the city’s spending. Every agency will see 5% budget reductions this month, the mayor’s budget officials said, as the city faces […]
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 inEnvironment
New York’s Plastic Bag Ban Yields Warnings, Minor Fines for Those Flouting Law
When New York banned single-use plastic bags in 2020, environmental activists hailed the new law and vowed to push for more eco-friendly legislation. But more than three years later, they say a lack of robust enforcement has allowed scores of stores, including several major national chains, to continue handing out plastic bags to customers. “This […]
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 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 inBedford-Stuyvesant, Brooklyn, Economy
Is North Brooklyn the Future of New York City?
The economic success of Dumbo, the Navy Yard, Bushwick and Bed-Stuy points to possible paths for further economic growth outside Manhattan.
Posted inEconomy
Film and TV Walkouts Add Drama to Sluggish Local Economy
New York City added only 2,000 jobs in August and unemployment remains above the national average.