- Sarah Crean on Exclusive: Proposed policy would allow industries to self-audit pollution-generating activities
- David Howard King on Bronx senator's health quest
- Cristian Salazar and Carla Murphy on Stops lawsuit given class status
- Cristian Salazar on NYC Council passes banking bill
- David Howard King on Senate Dems Look to Nat'l Issues
Economy Reports:
Gaps In Financial Services For Low Income Immigrant Households
More than half of Mexican - and over a third of Ecuadorean - immigrants in NYC do not have a bank account, according to this study by the Department of Consumer Affairs and the Mayor's Office of Immigrant Affairs. But 80 percent of immigrant survey participants who make less than $300 a week report having savings. 2013-04-23
Benefits Of Extending Tuition Benefits To Undocumented Immigrants
This new report - by the New York State Youth Leadership Council and NYU Law School’s Immigrant Rights Clinic - outlines the economic and social benefits that would accompany passage of the New York DREAM Act. The act would provide that all New Yorkers, regardless of status, have access to financial assistance for higher education. 2013-03-27
Growing Gotham:A Survey of NYC's Minority and Women Owned Businesses
The survey by the office of Manhattan Borough President Scott Stringer finds that despite growth minority and women owned businesses face major hurdles. Of the 500 businesses surveyed, only 25.5% of respondents indicated they had won a single city contract, and nearly 55% of respondents reported that City government had not provided adequate support and resources to help them apply for contracts. Close to one-third of respondents said that they did not attend any workshops offered by the Department of Small Business Services (SBS), in part because the events took place at inconvenient times and locations.Nearly 45% of companies that did not bid on any contracts reported that the process is too time-consuming and hard to understand.
2013-03-22
Is NYC Losing Lawyers?
Employment at New York City’s law firms has declined over the past two decades, even as legal services jobs nationally—and overall private sector employment in New York—has increased significantly, according to this new report by the Center for an Urban Future. 2013-03-05
How Start Ups Could Benefit All
The benefits of the city's start up boom have been concentrated among those with technical and entrepreneurial skills, according to this report by the Manhattan Borough President's Office. The study offers ways the city could ensure that jobs in these industries are accessible to all. 2012-12-12
A Better Way to Fund the MTA
This report by the Citizens Budget Commission proposes a new way to fund the M.T.A. called "25-50-25". It recommends that auto user fees cover all drivers' facilities, plus 25 percent of mass transit services. Then mass transit user fees would cover another 50 percent of the operating costs of those services. And state and local tax subsidies would cover the final 25 percent of transit operating costs plus “catch-up” capital investments needed to bring the system to a state of good repair. 2012-10-16
The state property tax cap
The state's new property tax cap succeeded in its first year in holding average property tax growth to 2 percent – 40 percent less than the previous ten-year average, according to this report by Gov. Cuomo's office. Out of 3,077 local governments and school districts proposing a levy in the past year, the study found that 84 percent reported a levy within the capped amount. 2012-10-01
Construction starts down; residential projects value up
According to the New York Building Congress, $6.6 billion worth of construction projects were started in New York City in the first half of 2012, a 16 percent decline from the first half of 2011. But the value of residential construction starts more than doubled, jumping to $1.9 billion in the first six months of 2012. 2012-09-24
East Harlem affordable housing at risk
Nearly one-third of regulated housing units in East Harlem will lose their rent protection by 2040, according to this survey by the Regional Plan Association. 2012-09-04
New York farming
New York continues to be a leading agricultural state with 36,300 farms producing $4.7 billion in products annually, according to a report released today by State Comptroller DiNapoli. 2012-08-28
NY tax rate ranking
New York’s combined state and local sales tax rate is the seventh highest in the nation, according to this new report from the Tax Foundation. 2012-08-10
Housing affordability gap grows
Last year, 49 percent of all low-income renters in the city paid more than half of their incomes towards rent, according to this report by the Community Service Society. 2012-07-23
Demand for temporary foreign workers
The New York metropolitan area has the highest demand for H-1B workers in the nation, according to this report by the Brookings Institution. 2012-07-18
Infrastructure budget drops
According to an analysis by the New York Building Congress, 2010 was the capital investment peak of the Bloomberg Administration, with spending at $10.5 billion. Spending dropped to $9.5 billion in '11, and the city is on target to spend $9.1 billion in the current fiscal year. But the $7.2 billion of projected spending in '16 is a reduction of $3.3 billion from the '10 peak.
2012-07-17
Jobs for uneducated young adults
Over two dozen occupations in New York City are expected to have ample job openings in the years ahead which pay decent salaries and which are accessible to young adults with low levels of educational attainment, according to this report by the Center for an Urban Future. 2012-06-13
State of the homeless
Over the past year, the city’s homeless shelter population soared to its highest levels ever, with more than 43,000 homeless New Yorkers – including a record 17,000 children – bedding down each night in municipal shelters, according to this report by the Coalition for the Homeless. 2012-06-11
Waste-to-energy
This report by the Citizens Budget Commission makes the case that waste-to-energy should be a much larger component of the city's solid waste management strategy. 2012-06-04
City's Tech Industry
The city's technology industry is the fastest growing in the nation, according to this report by the Center for an Urban Future. 2012-05-10
Housing and Neighborhoods
Owners of large rental apartment buildings in the city are subject to a higher effective
property tax rate than owners of one- to three-family homes, and they bear a
disproportionate share of the city’s overall property tax burden, according to this housing and neighborhoods report by NYU’s Furman Center for Real Estate and Urban Policy. 2012-05-08
Health and Hospitals Corporation's Fiscal Challenges
The New York City Health and Hospitals Corporation expects about $1.6 billion in annual Medicaid supplementary payments to continue over the coming years, but those funds are actually in jeopardy, according to this report by the Citizens Budget Commission. Also, it finds that their plan to close projected gaps in expenses may prove unrealistic. 2012-04-26
Banking in the Bronx
The Bronx has only 145 bank branches, according to this report by the University Neighborhood Housing Program. 2012-04-24
Energy Star Buildings in Area
The New York area ranked sixth in the number of E.P.A. certified Energy Star buildings. About 260 buildings saved $135.5 million and prevented emissions equal to 10,400 homes. Last year the area ranked 5th and the year before tenth. 2012-04-20
New York's Economic Competitiveness
New York state ranks last in economic competitiveness, according to this report by the American Legislative Exchange Council. 2012-04-17
Solar Power in the Tri-State Region
The tri-state region is, for the first time, positioned to become a national and global player in solar energy, according to this report by the Regional Plan Association's Energy Policy Program, NRDC, and Vote Solar Initiative. 2012-04-12
Analysis of the Mayor's Budget Plan
Yesterday the Independent Budget Office released its analysis of the mayor's budget plan and his financial plan through 2016. Some highlights are: The office estimates that the city will add an average of 72,400 jobs per year over the next four years; tax revenues are expected to rise by 4.3 percent this year and total $41.4 billion; and general education spending will decline by 3.3 percent next year. 2012-03-30
Design and Architecture in the City
New York City graduates twice as many students in design and architecture as any other U.S. city, but the city’s design schools are not only providing the talent pipeline for New York’s creative industries — they have become critical catalysts for innovation, entrepreneurship and economic growth, according to this report by the Center for an Urban Future.
2012-03-22
City's Global Competitiveness
New York City ranks first among 120 cities across the globe in attracting capital, businesses and tourists, according to an Economist Intelligence Unit report commissioned by Citigroup. 2012-03-13
Economic Benefits of Environmental Protection
New York state’s economy receives $7 in financial benefits for every $1 spent on environmental protection, according to a study conducted by the Trust for Public Land.
2012-03-02
Foreclosures in New York
According to NEDAP’s analysis of new mortgage default and delinquency data, foreclosure risk remains high in New York. They found that more than 345,000 mortgages were in default or delinquent statewide in 2011. 2012-02-16
Paid Sick Leave and Working New Yorkers
Lower-income workers, Latinos, and those employed by smaller firms are least likely to have access to paid sick time, according to this report by the Community Service Society. Citywide, an estimated 41 percent -- about 1.5 million workers – have no paid leave whatsoever, for sickness or vacation. Nearly two out of three low-income workers do not have a single paid sick day. The report is an update to one published in 2009. 2012-02-14
The Rental Vacancy Rate
The citywide rental vacancy rate was 3.12 percent between February and May last year, according to the initial results of the 2011 New York City Housing and Vacancy Survey, based on a sample drawn from the 2010 decennial census. Total housing stock rose to more than 3.35 million units – the largest in the 46-year period since the first survey was conducted in 1965. Every survey since then has found the rental vacancy rate to be below five percent. 2012-02-13
One-Third of New Yorkers Can't Afford to Retire
Over one-third of older residents across the city are expected to either subsist on Social Security, or not be able to retire at all due to the fact that they have less than $10,000 in savings, according to this report by the city comptroller. 2012-02-01
Solar Panels on Public School Roofs
The installation of solar panels on the roofs of public schools could create 5,400 new jobs, according to this report by the Manhattan Borough President's office. It could also produce 169 megawatts of clean electricity; eliminate 76,700 tons of carbon from the air each year; and increase solar capacity in the five boroughs by over 2,600 percent. 2012-01-31
The State's Retirement Systems
Employee contributions only make up 11.5 percent of New York State’s pension systems compared to a U.S. average of 33 percent, according to the Citizens Budget Commission's analysis of new Census Bureau figures. 2012-01-27
Quality of Job Recovery
According to the Independent Budget Office, the jobs New York City is regaining don’t pay nearly as well as many of the ones it lost. While the city shed thousands of jobs in such high-paying sectors as Wall Street, it is regaining jobs in industry sectors that pay just a fraction of those yearly wages. 2012-01-19
Albany's Economic Development Subsidies
New York ranks 43rd of all states for how many jobs its economic development subsidies create and the quality of those jobs, according to this report by Good Jobs First. 2012-01-09
The Water System Rental Payments
This report by the Citizens Budget Commission on a mandate that the public authority financing the water and sewer system pay the city government rent on that system provides a history, review of critiques, and alternative to the current situation. 2012-01-05
Eliminating Local Funding for Medicaid
The state's unusual requirement for substantial local government financing of Medicaid places an inequitable burden on taxpayers in less affluent communities, according to this report by the Citizens Budget Commission. Because Medicaid provides health care services primarily to the poor, low‐income counties pay a disproportionately large portion of Medicaid costs relative to their population size and wealth. 2011-12-13
Smaller Incomes and Fewer Opportunities Post-Recession
New York families have smaller incomes and face fewer opportunities following the official end of the Great Recession in 2009, according to this report by the Fiscal Policy Institute. More than 500,000 employment opportunities have been lost, equaling $31 billion in earnings. Also, median weekly wages for workers in the bottom half have fallen by 3.4 percent over the past four years in the city and by 0.8 percent in the rest of the state. 2011-12-02
Business Council's Voters Guide
The Business Council of New York State released this voters' guide, which measures legislators' commitment to improving the state's economic climate and performance by scoring their support for key business legislation during the 2011 session. Lawmakers were rated for their stance on 11 bills such as the real property tax cap, Medicaid spending reductions and program reforms in the budget, Article X siting legislation, Recharge New York and an improved Excelsior Jobs Program.
2011-11-11
Tracking Development Deals
The Independent Budget Office has examined annual reports submitted by the Economic Development Corp. on its discretionary deals and has issued a brief summarizing the information on 1,098 projects undertaken between 1994 and this year. In terms of number, it found more projects were in manufacturing than any other sector. However, when one looks at the size of the projects, information and financial services comes out on top. This area accounted for the largest value of new projects during the Koch, Dinkins and Giuliani administrations, but under Bloomberg, stadiums have been the number one beneficiaries. Despite the data provided by the development agency, the Independent Budget Offices says it remains difficult to determine what effects its efforts have had on job creations and retention. 2011-11-09
Chain Stores in the City
Nearly a third of chain stores reduced their presence in the city over the past 12 months, according to this report by the Center for an Urban Future. Dunkin Donuts remains the most ubiquitous chain, but the company did not show a net gain in stores - it held steady with 466 stores across the five boroughs. 2011-11-03
Globalization's Impact on New York
No American city has benefited more from globalization than New York City, according to this report by the Center for an Urban Future. But the state lost 50 percent of its manufacturing jobs over the past 30 years, the worst of any Northeast or Midwest state examined in the study. And even within the city, globalization contributed to falling income in the outer boroughs. 2011-11-02
The State's Energy Efficiency Policy
The state ranks third best nationally in energy efficiency policy, according to the American Council for an Energy-Efficient Economy. 2011-10-27
The Garment District
For this new report on the Garment District, the Municipal Art Society conducted case studies, gathered new data, interviewed dozens of experts, compiled other studies of the fashion industry, researched the history and explored a variety of policy recommendations. 2011-10-18
The Securities Industry in New York City
One in eight jobs in the city and one in 13 jobs in the state are linked to the securities industry, according to this report by the state comptroller's office. Profits declined by 11 percent in the first half of 2011 and they estimate that the industry will end the year with one-third less than in '10. Furthermore, they anticipate the industry could lose an additional 10,000 jobs by the end of '12, which would bring total job losses to 32,000 since January '08. 2011-10-14
Living Wage: The Administration View
With the living wage almost certain to be a major issue in City Council this fall, the Bloomberg administration has released the final copy of a study it commissioned on the impact of giving higher pay to people who work for businesses that receive a city subsidy. It concluded that the base wage of $10 an hour could cost New York 6,000 to 13,000 low-skilled jobs. The report was quickly condemned by City Comptroller John Liu and others who say a living wage could help reduce poverty in the city. 2011-10-11
Immigrants Half of Small Business Owners
Immigrants make up 48 percent of all business owners living in New York City, according to this report by the Fiscal Policy Institute. Among small businesses owners in the city, immigrants make up 84 percent of small grocery store owners, 69 percent of restaurant owners, and 63 percent of clothing store owners. 2011-10-04
More Jobs, Better Transit
Transit-related manufacturing could provide a boost to the New York economy, according to a new report by a coalition of transit, labor and business groups. In a white paper, Building the Future, the groups set out how investments in transit -- at all levels of government -- could provide much-needed manufacturing jobs and of course improve transportation here as well. 2011-10-03
Local Investment by Banks Declines
In spite of a $38 billion increase in local deposits at the city's 20 largest banks over the past two years, reinvestment in the city's communities by those banks declined by $4.4 billion according to this new report by the Association for Neighborhood and Housing Development. 2011-09-29
Where New Yorkers Go When Leaving the State
Between 2000 and 2009, nearly 60 percent of New Yorkers who moved away went to Southern states -- with Florida alone drawing nearly one-third of the total, according to this report by the Empire Center. Thirty percent moved to New Jersey, Pennsylvania, and Connecticut. Migration slowed after real estate values peaked in 2006 and dropped very sharply after the recession began in 2007. Taxpayers who left the state had average incomes 22 percent higher than those moving into New York. 2011-09-28
Principles for Governing Regional Economic Development Councils
Cuomo's new regional councils have the potential to improve meaningful outcomes by streamlining and coordinating the current array of state economic development efforts, but the danger is that they will instead become new heads on the already huge an unwieldy economic development hydra in the state, according to this report by the Citizens Budget Commission. 2011-09-22
Obama's Jobs Bill and the City
A new study by Comptroller John Liu finds that President Barack Obama's jobs bill would give the city a $9 billion boost and create or maintain 50,000 jobs. 2011-09-16
Impact of Obama's Tax Cut on the City
President Obama's payroll tax cut plan would provide a total benefit of $4.8 billion to resident workers in the city and create or preserve 25,000 jobs here during 2012, according to the city comptroller's office. Obama has proposed a $175 billion program to cut payroll taxes in half for every working American during 2012, which would reduce the Social Security tax levied on income up to $106,800 from 6.2 percent to 3.1 percent. 2011-09-15
Unemployment Among Youth Aging Out of Foster Care
As many as half of all foster youth who leave the foster care system each year are not connecting to the world of work, leading to high rates of homelessness and even incarceration, according to this report by the Center for an Urban Future. 2011-09-08
Little Recovery on Jobs
Two years into the purported recovery from the recession, one in seven New Yorkers is unemployed, underemployed or has dropped out of the workforce. While the official unemployment rate has dropped slightly, this study by the Fiscal Policy Institute attributes the decline largely to an increase in the number of people who have given up looking for work and so are not included among the unemployed. The report also found that black and Hispanic workers have been hit particularly hard by unemployment 2011-09-02
State Economy Outperforms Nation
While the state’s economic performance has lagged the nation’s for decades, the Empire State has done better than the nation overall during and after the Great Recession, according to this report by the Rockefeller Institute. 2011-09-01
Overcharging at Supermarkets
Compliance with overcharging laws by supermarkets declined this year to 41 percent from 48 percent last year, according to this report by the Department of Consumer Affairs. This is despite the fact that the city doubled inspections. As a result, Commissioner Jonathan Mintz has proposed a law that would force sellers to repay overcharged customers ten times the amount they were overcharged. 2011-08-23
Marcellus Shale Worth Hundreds of Thousands of Jobs
If 1,000 new wells were drilled in the Marcellus Shale in a year, 125,240 jobs could be created, according to this report by the Public Policy Institute. This figure escalates to 250,480 jobs if 2,000 wells were to be drilled. A new analysis by the Marcellus Shale Coalition estimates that 2,300 new wells may be drilled in Pennsylvania this year. 2011-07-28
Federal Medicaid Cuts Jeopardize State's Economy
A Republican Congressional budget proposal to cut federal funding for Medicaid to states by 5 percent in 2013 would put nearly 30,000 jobs at risk in New York, jeopardizing $3.8 billion in business activity, according to this report by Families USA. 2011-07-22
The State of the Labor Market
This report by the Fiscal Policy Institute presents a detailed look at unemployment trends within the city's workforce since the recovery from the recession began at the end of 2009. 2011-07-21
Aviation Sector of High Value to the State
Infrastructure and security investments in the aviation sector, specifically at public-use airports, helped generate $50 billion in economic activity across the state in 2009, according to this report by the state Department of Transportation. It finds that the sector produces an impact greater than the level of public investment required to maintain the system in a state of good repair. 2011-07-08
Ethnic and Cultural Diversity Boost Brooklyn's Economy
Immigrants account for half of all workers and half of all self-employed individuals in Brooklyn, according to this analysis of the American Community Survey by the Fiscal Policy Institute.
2011-06-23
End of the Stimulus
New York is set to lose its federal stimulus funds for job training this month, compelling the city to eliminate or reduce promising programs, according to a new report from the Center for an Urban Future. The cut will have the greatest impact, the report found, on the Summer Youth Employment program, which thanks to the federal money enrolled 52,255 people in 2010 but may serve only 23,000 people this year. The cut comes with the city unemployment rate at 8.6 percent. 2011-06-21
Economic Opportunities of Shale Energy Development
An end to the moratorium on drilling hydraulic fracturing in New York would spur over $11.4 billion in economic output, according to a new report by the Manhattan Institute. The report goes on to say that in Pennsylvania the cost of environmental clean up at Marcellus shale gas wells was nominal compared to their economic benefits. 2011-06-09
Construction Employment Drops to Lowest in Years
Construction employment in New York City declined to 101,200 in the first quarter of 2011, marking its lowest level in nearly 13 years, according to a New York Building Congress analysis of New York State Department of Labor employment statistics. 2011-05-26
State’s Unemployment Rate Drops
New York's economy grew by 43,800 private sector jobs, or 0.6 percent, in April. This was the state’s largest monthly increase since September 2000. The unemployment rate dropped to 7.9 percent in April from 8 percent in March. 2011-05-20
Low-Wages Dominate Job Growth
More than half of the city's job growth occurred in the two lowest-paid industries: accommodation and food services and retail trade, according to this new Drum Major Institute report. It also found that the city’s five lowest-paid industries made up 82 percent of all job growth over the past year. 2011-05-13
Child Care Funding Slashed as Need Grows
Even with the restoration of planned cuts to 16,000 child care slots, Mayor Michael Bloomberg's budget would still reduce the level of child care funding below what are already inadequate levels to meet the needs of low-income families, according to the Fiscal Policy Institute. Funding would be considerably below the annual average level for 2008-2010 and it increases child care co-payments from families by $13 million, even though the need among low-income families is five times as great as what the city now funds. 2011-05-12
Who Gets Loans?
The number of conventional refinancing loans granted to homeowners in predominantly white neighborhoods in New York City increased between 2008 and 2009, according to a new report. In communities where 80 percent or more residents are people of color, though, the number of loans fell, according to the study by Neighborhood Economic Development Advocacy Project and six affiliated groups. In Paying More for the American Dream V, the organizations examined the recent home mortgage data for New York City and six other metropolitan areas, and found disparities based on racial composition of neighborhoods. In New York, lenders were 1.6 times as likely to deny loans to those in predominantly white neighborhoods, in 2009. 2011-05-04
Economic Recovery Uneven Across State
The economic recovery took hold in New York in 2010, but it has been slow, and not all regions of the State have benefited equally, according to this report by the state comptroller. 2011-04-29
State of the City’s Housing & Neighborhoods
The city continues to experience the strains of falling housing prices and persistent foreclosures, according to this new report by the Furman Center. Housing prices in Manhattan have stabilized, though declines in sales volume continued and there was virtually no new construction in the borough. Citywide, the number of properties entering foreclosure has dropped since 2009, though a handful of neighborhoods continue to bear the brunt of new foreclosure activity.
2011-04-13
Workforce Reentry Program is Progress
New York’s Career Pathways initiative represents a significant step forward for workforce development in the city, according to this new report by the Center for an Urban Future. While there is room for improvement, it breaks ground by going beyond short-term job placements and focusing on getting low-income individuals the skills to obtain decent paying careers. 2011-02-11
Chain Reaction
The Center for an Urban Future's third annual ranking of national retail chains in New York City finds that despite the sluggish economy national there are now 4.1 percent more retail chain locations in the city than there were last year. 2011-01-10
Unemployment Rate of Young Black Males
The unemployment rate for black men between the ages of 16-24 in the city was 33 percent in 2009, compared to a rate of 16 percent for all men in that age range. Young black males were hit particularly hard by the recession, seeing a rise in unemployment of around 10 percent from 2006. Young black males without a high school degree fared even worse, facing an unemployment rate of 52 percent in 2009. 2011-01-07
Better Tax Revenues
The Independent Budget Office's latest fiscal outlook has found job growth and rebounding businesses will lead to better than expected revenues in both fiscal year 2011 and fiscal year 2012. The office projects $525 million more in tax revenues in 2011 and $790 million more in 2012. 2010-12-21
The Rich Get Richer
Rich New Yorkers have greatly increased their share of the state's income over the past three decades, according to a report by the Fiscal Policy Institute released this week. Using state income tax data to analyze trends since 1980, the institute found that the richest 1 percent of city residents got 44 percent of the city's income in 2007, up from 12 percent in 1980. The move to concentrate more income among the rich reflects national patterns, reversing a trend in the decades after World War II, but the institute notes, income is even more concentrated among the rich in New York City than in the country as a whole. 2010-12-15
Quarterly Housing Market Performance
Home sales declined 14 percent from the second to third quarter of 2010 but remain higher than the same period last year, according to this report by the Furman Center. Citywide, prices have stabilized but are still 22 percent lower than they were at the peak of the market. Manhattan is recovering more quickly than the outer boroughs.
2010-12-02
Economic Development Wage Standards
A new report from the Center for American Progress found no negative effects on citywide employment levels when it examined 15 cities that implemented economic development wage standards. It also found no negative impact on low-wage workers. Those fighting for the policy in New York City immediately championed the study yesterday. 2010-12-01
Spending the Stimulus
The office of Gov. David Paterson has released another in a series of quarterly reports documenting how New York has spent the money it received under the American Recovery and Reinvestment Act, popularly known as the stimulus plan. According to the report, the state funded more than 53,8000 jobs with the money in the third quarter of 2010. 2010-11-30
Mortgage Lending in New York
Although most mortgage lending in New York declined because of the recession, lending to low and moderate income people buying homes actually rose in 2009, according to study by the Furman Center at NYU. The study found loans backed by the Federal Housing Administration and the Veteran's Administration also increased as did refinancing. The center said the rise in mortgages for lower income families might be due to changes in federal policies.
2010-11-15
Public Retirement Benefits in New York State
The Citizens Budget Commission takes a look at eight things you should know about retirement benefits in New York. 2010-11-08
Expanded Bottle Bill Law Shows Successes on Anniversary
One year after the expanded bottle bill law was passed, NYPIRG and the Container Recycling Institute are pointing to strong signs of success. The state has met its goal of increased funds collected from unclaimed deposits, over 90 percent of stores surveyed are complying with the law, and growth of registered redemption centers more than doubled this year.
2010-11-04
Racial Disparity in Unemployment
African-American and Hispanic New Yorkers are facing unemployment rates nearly three times higher than their counterparts according to a data analysis released today by Comptroller John Liu.
2010-10-29
Low-Income New Yorkers Struggle with Work
Nearly 25 percent of low-income New Yorkers reported losing a job within the last year, according to this annual survey by the Community Service Society. Two-thirds of unemployed, low-income New Yorkers have been out of work for over a year, and 31 percent have been out of work for three years or more.
2010-10-15
State Stimulus Funds
This report by the Kirwan Institute for The New York Stimulus Alliance finds that federal Recovery Act funding has been critical to maintaining services and getting many New Yorkers back to work. But it offers a range of recommendations, including future public investments in job creation and fiscal relief as well as improved transparency. 2010-10-14
State of Higher Learning
New York state's public and private colleges and universities generated $62.2 billion in economic activity here last year, according to a report by State Comptroller Thomas DiNapoli. All together, some 1.2 million students attended colleges and universities in the state last year, an increase of 21.4 percent in the last decade. More than 266,000 people work in higher education.
2010-10-06
State Poverty on the Rise
The state's poverty rate rose from 14.2 percent in 2008 to 15.8 percent in 2009, according to Census Bureau data compiled by the Fiscal Policy Institute. 2010-09-17
The 2006 Blackout Revisited
The 2006 blackout in Queens cost residential and business customers some $188 million, according to a study by the Pace Energy and Climate Center. Of that, business customers lost $111 million, of which $55.5 million was in lost revenue. Con Edison reimbursed individuals and businesses $17 million for their losses, leaving its customers to make up the remaining $171 million. 2010-07-18
Mortgage Crunch
Between 2006 and 2008, banks and other lenders reduced the amount of prime loans for mortgages and refinancing by 56 percent in New York City's communities of color, according to a new report by NEDAP and six other groups y. Lending in New York's predominantly white communities decreased by 31.2 percent over the same period. The report, "Paying for the American Dream IV," found similar patterns in the seven cities it studied, with Charlotte, N.C., seeing the largest drop in communities of color -- almost 71 percent -- and Rochester, N.Y., with a 52.5 percent drop, the smallest. 2010-05-19
Plight of the Freelancer
A nationwide study by Freelancers Union finds that freelancers and independent contractors are suffering greatly during this recession. Out of 3,000 surveyed 81 percent of workers did not have enough work in 2009, 49 percent of workers had less work than they needed and 40 percent of respondents had trouble getting paid for their work. 2010-04-21
Deficit Reduction Plan
New York State could take a big step toward cutting its $9 billion deficit if it instituted some kind of temporary tax on Wall Street, according to a report released yesterday. In the report, "New York Has the Ways and Means: How and Why Wall Street Should Give Back to Main Street," the Center for Working Families and the Fiscal Policy Institute say the taxes would recapture some of Wall Street's record profits, which the two groups attribute largely to the government bailout of the financial industry. Among other options, the report proposes a tax on bonuses for highly paid Wall Street executives similar to the tax recently instituted in London. 2010-04-20
Race and the State Budget
A report by the Public Policy and Education Fund of New York finds that the cuts contained in Gov. David Paterson's proposed 2010-2011 budget would disproportionately hurt people of color. 2010-03-26
A Global City in Recession
A new report from the Partnership for New York City and PricewaterhouseCoopers found that the five boroughs are faring well following the 2008 recession compared to other global cities. In an analysis of 10 indicator areas, the Big Apple ranks number one for technology, IQ and innovation. The city ranks poorly compared to other cities in the cost of living and cost of business occupancy categories. 2010-03-22
Cost Savings of an Energy Efficiency Program
If the state implemented an aggressive energy efficiency policy that resulted in a 30 percent reduction in electricity use, New York households would save $518 annually, according to this new national report by the Consumer Federation of America. 2010-03-03
Many Adult New Yorkers have No Bank Account
Over 13 percent of citywide households have no bank or credit union account, according to a new study commissioned by the Department of Consumer Affairs. Instead, they use 'fringe' services such as check cashers. Twice as many Bronx residents are 'unbanked,' and over half of adults in the Mott Haven-Melrose area of the Bronx have no account.
2010-02-26
Energizing Small Businesses
A Report by the Center for an Urban Future finds that only a fraction of the city's small businesses have taken the steps to become energy efficient. 2010-02-21
The Need for Human Capital
A new report from the Center for an Urban Future and the Community Service Society found many New Yorkers lack the skills and education to compete in today's economy. It found more than a quarter of adult New Yorkers -- other than on Staten Island -- are functionally illiterate. The report offers a blueprint for the administration and the City Council to boost the city's "human capital," including focusing on skill sets instead of job placement in low wage positions. 2010-01-19
What Happens After Foreclosure is Filed
Most properties in New York City that enter the foreclosure process never complete it because the homeowner either sells or becomes current on their loan, according to a new report by the Furman Center. Of those that do complete the process and end up being owned by a bank, nearly half are bought and resold within a year for significant profit. 2010-01-14
Nearly a Third of New Yorkers Work Low-Wage Jobs
A report by the Center for an Urban Future finds that a third of New Yorkers work low-wage jobs. However, the Bronx is far worse off than the rest of the city. The report found that 42 percent of Bronx workers over the age of 18 work low-wage jobs. In Queens, the rate is 34 percent for the same group, and in Brooklyn it is 32 percent. 2010-01-10
Kingsbridge Armory and Living Wages
Without mandated living wages at the Kingsbridge Armory, the development would be an economic loss for the city and state, argues this new report by the Drum Major Institute. 2009-12-10
A Cautiously Better Outlook
A report from the Independent Budget Office finds that the local recession might not be as bad as initially expected. Tax revenues are expected to be higher for this fiscal year and job losses have been lower than projected in most sectors. 2009-12-04
A Tale of Two Recessions
While Wall Street recovers, New York City's Main Street economy remains mired in the "Great Recession." This report by the Fiscal Policy Institute details how Main Street continues to struggle with unemployment and widespread economic insecurity all while Wall Street makes a faster-than-expected recovery. 2009-11-23
City's Economic Health
Although there are signs the national economy is improving, the city's recovery is likely to lag, according to a quarterly report by the comptroller's office. 2009-11-19
State's Energy Efficiency Ranking
Only four other states are doing more than New York to implement energy efficiency, according to the American Council for an Energy-Efficient Economy. 2009-11-18
Half Without Paid Sick Leave
A new survey by A Better Balance and the Community Service Society of New York reveals nearly half of New Yorkers do not have paid sick time. The society estimates between 1.65 million and 1.85 million do not have paid sick time, while between 1.3 million and 1.5 million have no paid time off at all. Meanwhile, two-thirds of low income New Yorkers have no paid sick leave. 2009-10-19
New York Health Markets
As Congress continues to debate health care reform, the United Hospital Fund takes a look at how health insurance works here in New York. In a new report, titled “The Big Picture,” the Fund takes a look at the public, commercial and self-funded insurance markets. In 2006, according to the report, buyers paid more than $41.5 billion in premiums for coverage. 2009-10-06
Building an Innovation Economy
A new report from Center for an Urban Future finds that New York City has been less successful than other regions at maximizing the economic impact of the top universities and non-profit research centers that call the city home. Schools and scientific research centers in other parts of the country are more effective catalysts for both growth and economic diversity, according to the Innovation Index which accompanies the report. 2009-10-04
Poverty in New York
More than 1.5 million New Yorkers -- and 25 percent of all city children -- lived in poverty last year, according to an analysis of U.S. Census data by the New York City Coalition Against Hunger. The total is down slightly from 2007, but represents a rise of 126,458 people from the year 2002. The coalition cautioned that the numbers do not reflect the full force of the economic downturn and do not include many homeless people who the Census Bureau did not count. 2009-09-30
City Lags Behind in Innovation Economy
A new report from the Center for an Urban Future says the city has failed to use its academic institutions to build an innovation economy. The high cost of real estate, a shortage of lab space and the institutions themselves are all to blame, the report states. Despite this, the New York metropolitan area leads all other regions in spending on research and development by academic institutions with $2.9 billion in 2006. 2009-09-29
The State's 'Real Unemployment Rate'
The state's "real unemployment rate" - which includes people forced to work shorter hours and those who have given up looking for work - is 14.1 percent, according to the Fiscal Policy Institute. For black men, the real unemployment rate is 27 percent, dwarfing the real unemployment rate of 12 percent for white males. 2009-09-18
Chains in the City
A study by Center for an Urban Future shows that some of New York's biggest chain stores have been hit hard by the recession. But at the same time over 30 percent of chain stores surveyed last year have increased their presence in the five boroughs over the past twelve months. 2009-08-21
State Tax Revenue In Steep Decline
New York State saw the collection of personal income, corporate, and sales tax decrease by 17 percent in the first quarter of the year. The national decline was around 12 percent. Only four states saw a worse result. 2009-08-07
What New York Can Learn from Other Cities
This new report by the Drum Major Institute offers examples from other cities of solutions to problems in the policy areas of economic opportunity, housing affordability, criminal justice, workplace standards, environmental sustainability, and health care. 2009-07-16
Analysis of the Housing Vacancy Survey
The vacancy rate of rental apartments dropped back 2002 levels and home ownership rates declined, according to an analysis by the Furman Center for Real Estate and Urban Policy of the city's 2008 Housing Vacancy Survey. The report also finds that there was strong growth in new homes becoming available, with 40 percent of them in Brooklyn. 2009-07-10
Jobless Benefits Lag
The State Legislature has prevented about $267 million in additional benefits for the state's unemployed, because it has not considered legislation that increases the state's maximum weekly payment from $405 to $475, according to a new report from the Fiscal Policy Institute and the National Employment Law Project. Those benefits, according to the report, could help upstate in particular, where payments would increase in 11 counties by more than 10 percent if the state approved the increase. 2009-07-06
Manhattan's Declining Share of Jobs
A report by the Center for an Urban Future finds that Manhattan has seen a steady decline in private sector jobs since 1958, while other boroughs have seen a slow but steady increase. The report states that Manhattan has recently "taken a disproportionate and perhaps permanent hit" with the loss of financial sector jobs. The report predicts Manhattan will rebound from the hit but is not likely to see as large of a share of jobs as it did decades ago. 2009-06-23
NYC is Green Collar Ready
Two new reports by by the Political Economy Research Institute at the University of Massachusetts, Amherst (PERI), Center for American Progress (CAP), Green For All, and the Natural Resources Defense Council (NRDC) show how investments in clean-energy economy could positively impact the American economy, creating more jobs for lower-income workers in addition to lowering energy and transportation costs. As clean energy and climate legislation moves through Congress, new data show that a $6.7 billion investment in New York City would create 62,949 new jobs. 2009-06-22
Manhattan's Share of Employment
Although Manhattan still holds the vast majority of private sector jobs in the city, it has gradually accounted for less and less, according to the Center for an Urban Future. In 1958 Manhattan had nearly 68 percent of such jobs. But last year, that number was below 62 percent. 2009-06-18
Green Jobs and Green Homes
New York should create a retrofitting program to make residential housing more energy efficient according to this report by the Working Families Party and a national group called American Progress. They say that 60,000 years worth of green jobs could be created, $1 billion saved through lower energy bills, and residential energy consumption reduced by 30 percent to 40 percent. 2009-05-28
Tech Industry Remains Vital to New York Economy
New York state has the third largest high-tech industry, employing 304,200 people with a total payroll of $25.9 billion. The industry experienced a net gain of 2,700 jobs in 2007, the most current year for which state data are available. 2009-05-07
End of the Residential Building Boom
The plummeting number of building permits issued in the first two months of 2009 signals the end of the residential building boom, according to the New York Building Congress. "At 576 units, the number of permits issued in January and February of 2009 is just 20 percent of the total reached for the same period in 2008," the Congress reports. 2009-04-23
City Shoppers
This year's Zagat's shopping survey and guide reports that New Yorkers are still spending, though mostly on what are perceived as longer-lasting quality purchases, or sales and bargain-priced items. Other trends include patronizing smaller stores, buying green and buying online. 2009-04-22
New York's Economic Outlook Worsens
A new study by the American Legislative Exchange Council found the Empire State has the worst economic outlook in the country. New York State also ranked 43rd out of 50 for economic performance. The council bases its rankings on tax burdens, per capita income and the minimum wage, among other measures. 2009-04-21
We Want to Work: Challenges to Self-Sufficiency in New York City’s Workforce-Development System
Homelessness Outreach and Prevention Project at the Urban Justice Center examined the experiences of public assistance and food stamps clients as they engage in work activities and found that poor New Yorkers often want to work and have appropriate skills and strengths, but are stymied by the Workforce Development System's "work-first" policy, which emphasizes immediate, low-wage jobs. The policy forces clients into short-term, low-skill jobs that fail to help them attain self-sufficiency and does not allow clients to take advantage of their existing skills, experience or training, while clients who are currently enrolled in independent job training programs are forced to drop out of those programs to comply work requirements and receive benefits. 2009-04-01
Progressive Tax Reform
A new report by the Fiscal Policy Institute and the Center for Working Families, debunks recent arguments made against instituting progressive income tax reform. The report states that increasing the personal income tax on the wealthy is the best way to solve the state's economic shortfall and avoid drastic budget cuts that will harm the economy. The report slams the idea that the wealthy will leave the state if faced with income tax increases. For the full report, visit here. 2009-03-25
State of the City's Housing and Neighborhoods
The 2008 State of the City’s Housing & Neighborhoods report by the Furman Center found that city investments into affordable housing in poor neighborhoods is more closely associated with limiting housing declines during a downturn than any other neighborhood characteristic. Overall, it found that predicting which neighborhoods will do well and which will fare poorly is difficult. 2009-03-13
Audits Saved Cash
A new report from Comptroller William Thompson contends that $16.5 million was saved from audits conducted by the office in fiscal year 2008. The city, the report states, could have saved an additional $59.1 million if it had adopted all of the office's recommendations. During that budget year, the office conducted 80 audits and special reports. 2009-03-03
Tax Expenditures for 2009
A new report released by the Department of Finance summarizes the city's tax expenditure programs for fiscal year 2009. The report is mandated by the City Charter. It looks at both residential and commercial programs. 2009-02-22
Middle Class Squeeze
It is becoming increasingly difficult to afford a middle-class lifestyle in New York City, and as a result, people are leaving the five boroughs, according to a report released last week by the Center for an Urban Future. The report found that a middle-class lifestyle that costs $50,000 a year in Houston would cost $120,000 in Manhattan. New York's other boroughs are becoming almost as expensive, with Queens now the fifth most costly urban area to live in the United States. At least partly as a result, the city saw a net loss of 151,441 people in 2006. 2009-02-09
State Job Losses
New York State's private sector lost more than 49,000 jobs in December 2008, the state labor department reported today. Over the past three months, the state has lost 102,900 private sector jobs. New York's unemployment rate, after seasonal adjustment, increased from 6.0 percent in November 2008 to 7.0 percent in December 2008 -- its highest level since June 1994. 2009-01-23
Art Groups' Infrastructure Spending
The $1.4 billion dollars spent on building by the city's cultural institutions from '03 to '05 resulted in the creation of 3,460 jobs, $560 million in wages, and $40.6 million in taxes paid to the city over the same period, according to a new report by the Alliance for the Arts. The report goes on to estimate that the institutions will spend $1.7 billion from '06 to '10 which the say would create 2,500 jobs, $670 million in wages and $48.5 million in taxes. 2009-01-15
50+1: A Federal Agenda for New York City
What does New York City need from Washington? From funding for public housing and the workforce investment act to consumer protection and air traffic control, Center for an Urban Future has assembled 51 recommendations for the incoming federal administration if they want to make good on their pledge to support cities, starting with New York. 2009-01-14
New York's Retail Workers
The recent holiday shopping season was a particularly difficult one for stores in New York City but retail workers had already been dealing with low wages and limited benefits, according to a report by the Fiscal Policy Institute. The report, "Low Wages, No Bargain," found that, of the 1.3 million city residents who earn $13 per hour or less, almost one in seven work in retail. More than 44 percent of store workers earn less than $10 hour. 2009-01-04
Prevailing Wages for Affordable Housing?
Imposing government determined prevailing wages for affordable housing construction could increase total development costs by about 25 percent, according to a recent report by the Citizens Housing and Planning Council. They also found no evidence to suggest that construction safety or quality would improve, as some have argued, by imposing the wage rates. The report further suggests that many black and Latino laborers could lose their jobs if the higher wages were imposed, since they are disproportionately found in the lower wage sectors of the construction industry. 2008-12-29
Comptroller Forecasts Larger Budget Hole
City Comptroller William Thompson Jr. released an analysis of the mayor's November budget modification and predicted the city's deficit would be larger in this budget year than initially expected. The report says the budget hole in fiscal year 2009 could be $1.9 billion, decrease to $1.5 billion in fiscal year 2010, and increase again to $5 billion by fiscal year 2011. 2008-12-16
New York City Unemployment in 2009: The Emerging Crisis
As the national economy entered the downturn, New York City indicators held steady, but a new report from the Fiscal Policy Institute indicates that the recession is clearly here in full force and labor market conditions are likely to deteriorate rapidly in the months ahead. The number of unemployed New York City residents could rise by 120,000 over the next year, escalating the hardships felt by tens of thousands of New York families and straining the social safety net. 2008-12-15
Capping Property Taxes
The Commission on Property Tax Relief has recommended the state cap property tax increases, according to the commission's final report released yesterday. The report, which has 32 recommendations, supports the adoption of mayoral control in the state's four largest cities and consolidating districts statewide with less than 1,000 students. The commission was formed in January to look into the causes of the state's high tax burden. 2008-12-02
A Budget Outlook
A new report from the state comptroller's office compiles budget projections from the governor, the senate and the assembly in advance of budget negotiations for the coming fiscal year. The report is required by state law. According to the report, state spending could increase by 36.6 percent, while revenues may grow by 4.7 percent by March 2011. 2008-11-19
Supportive Housing and Property Values
Supportive housing - affordable housing that offers on-site social services - does not affect the property values of surrounding homes, according a new report by The Furman Center for Real Estate and Urban Policy. Indeed, they found property values rose in the years after construction. The report examined the impacts 7,500 supportive housing units over the course of 20 years. 2008-11-07
Global Cities Index
New York City is ranked as the most global city in an annual index created by Foreign Policy magazine, the consulting firm A.T. Kearney, and The Chicago Council on Global Affairs. New York's financial markets, network of multinational corporations and the strength of its creative class gave the city its edge over the 59 other cities included in the index. 2008-11-06
Mortgages Fall for Blacks and Hispanics
A report by the Furman Center for Real Estate and Public Policy found new mortgages for black and Hispanics fell sharply from 2006 to 2007, while the number stayed flat for white borrowers. Asian Americans saw a 6 percent increase in new mortgages. New mortgages for blacks fell 44 percent, and new mortgages dropped by 34 percent for Hispanics. Overall, the number of new mortgages in the city dropped by 14 percent, which was attributed to the freezing of the subprime market. 2008-10-29
City's Job Share in the Region
New York City accounted for 47 percent of private sector jobs in the metro region in 2005, a drop from 53 percent of the total in 1975, according to a new report by the Center for an Urban Future. Although the city gained 250,000 jobs over that period, the center found that the surrounding area added over 1 million. 2008-10-17
Working Poor Families
A new national report by the Working Poor Families Project ranks New York as the state with the worst income inequality. The report also finds that 31 percent of low-income working families have a parent with no high school diploma or GED, which they rank as the ninth worst in the country. 2008-10-16
Construction in New York
Spending on and employment in construction in New York City will reach record highs in 2008 before leveling off in 2009 and declining sharply in 2010, according to New York City Construction Outlook 2008-2010, an annual forecast by the New York Building Congress. Overall construction spending in 2008 is forecast to reach $33.8 billion, a 16 percent increase from 2007. However the report sees it dropping to $26.2 billion in 2010. Construction employment climbed to 130,100 workers this year, but the report projects a drop to 100,250 in 2010. The forecast does not reflect the latest turmoil in the financial markets and the credit crunch. 2008-10-15
The Regional Economy
The Port Authority of New York and New Jersey has released its first report on the metro region's economy since 2000. The report covers the health of Port Authority facilities, the regional economy, and has special sections on exports from the area as well as on demographic changes. 2008-10-02
Training the Workforce
Federal funding for workforce development has fallen by nearly a third in the last two decades, according to an analysis by the Center for an Urban Future, and New York City has seen a lot of that loss. For one job training program in particular, the city has lost 35 percent of its funding for adult development and 31 percent for youth. While the private sector has stepped in to cover some of the costs, the federal government must assume its role in assuring workers can keep long-term employment, says the report. 2008-09-24
Hispanic Union Workers
Hispanic workers in New York state that are in unions make 13 percent more than their non-union counterparts, according to a new report by the Fiscal Policy Institute. The institute further points out that they are twice as likely to have employer-provided health insurance and pension plans. Just over a quarter of Hispanics in the state are in a union, the study says. 2008-09-17
Brooklyn Shows Resiliency
An analysis for the Brooklyn Chamber of Commerce prepared by the Fiscal Policy Institute says Brooklyn could fare better in the latest economic downturn than the city as a whole. Brooklyn could lose about 6,000 jobs during the current fiscal crisis, according to the report, or about 1.4 percent. The city is expected to lose 2.6 percent. 2008-09-15
Job Growth Ranked by ZIP Code
In a ranking of job growth by ZIP code, the Center for an Urban Future has found that the outer boroughs had the largest percentage job gains while lower Manhattan performed the worst. Fifteen of the 40 ZIP codes with the largest gains were located in Queens. Four of the five ZIP codes with the worst job losses were in lower Manhattan. 2008-09-04
Internet Sales Tax Lost
A recent report from the Independent Budget Office reveals half of the e-commerce purchases by New York City residents would be taxable at about $2.2 billion. These sales should create $173 million in revenue, of which $82 million could go to the city. From July 2006 through June 2007, the city lost about $29 million in revenue because these local taxes were not collected on Internet sales. 2008-09-03
Unemployment Strain
As of July 2008, 500,000 workers were unemployed across the state, according to a new report by the Fiscal Policy Institute. That is 56,000 more workers than the same period last year, and unemployment claims are up to 25 percent higher, it said. But the state's unemployment system isn't adequately funded, nor are its benefits large enough, to support New Yorkers out of work, the report said. 2008-08-28
New York Jobs
New York State lost jobs in July, the fifth month this year that the state recorded a decline in jobs, according to data released by the state Labor Department. In the last 12 months, the number of non-farm private and public jobs in the state has increased by 22,400, or 0.3 percent. The city has fared somewhat better, with a 0.7 percent rise in the number of jobs. 2008-08-20
Construction Costs
Non-residential construction costs in the city are much higher than similar construction in other large cities across the nation, according to an analysis by the New York Building Congress. The report finds that New York is over 60 percent more expensive than Dallas; 50 percent more than Atlanta; 25 percent more than Seattle; and 20 percent more than Los Angeles. Costs are now 50 percent higher than four years ago, it said. 2008-08-14
The Value of Street Life
A report by Transportation Alternatives that argues that livable streets - which prioritize pedestrian activity over driving - are a boon to the economy. It finds that pedestrian only zones result in higher foot traffic and retail sales. Property values are also higher on quieter streets, those with calmer traffic, and in areas with more open space. 2008-08-13
New York's Local Tax Burden
A new report from the Tax Foundation found New York has the second highest local-state tax burden following New Jersey. New Yorkers paid 11.7 percent of their income in local taxes compared to residents of New Jersey, who paid 11.8 percent. New Yorkers also paid 11.7 percent in state and local taxes in 2007. 2008-08-11
July Foreclosures
Foreclosures in the city during July rose 67 percent over the same period last year according, to Property Shark. The number of foreclosures was a two year high, the report found. Of the four areas studied, New York saw the lowest increase, while Los Angeles saw the highest, with a 249 percent rise. One in every 10,000 homes were scheduled for foreclosure auction in New York while in Los Angeles one in every 526 were scheduled. 2008-08-08
Small Businesses Closing in Downtown Brooklyn
Although small businesses in Downtown Brooklyn survived "large-scale disinvestment" in the '80s and '90s, they are having trouble staying open during the current real estate boom, according to a new report by the Urban Justice Center. Thirty-five of the 61 small businesses surveyed have been displaced or closed due to rising rents or redevelopment. The 2004 rezoning of the area has contributed to this, the report says. 2008-08-01
Bronx Boom - or Bust?
Recent investment in the Bronx has done little to benefit the largely black and Latino residents of the northwest part of the borough, according to a report by Urban Justice Center and the Northwest Bronx Community and Clergy Coalition. The report found, for example, that almost a third of the community's residents are unemployed and not looking for work, and that 79 percent of those unemployed and looking for a job had been unemployed for at least six months. To remedy the problem, the report calls for jobs that pay a living wage, programs to train residents and prepare them for work, and better information on job opportunities in the community. 2008-07-31
Debt is Up, Gaps Widen
Though this year's budget was successfully balanced, a new report by Comptroller William Thompson warns of burgeoning debt and large budget gaps in the coming years. Gaps as large as approximately $5.7 billion could arrive by 2010. To address this, the report recommends the city establish a rainy day fund to address unexpected costs. 2008-07-28
Purchasing Power of the Minimum Wage
The purchasing power of the minimum wage in New York peaked in 1970, and is now worth 16 percent less than that point because it hasn't kept pace with inflation, according to a new report by the Fiscal Policy Institute. To restore its purchasing power, the organization calls for raising the minimum wage to $9.50 by 2011 and indexing it to inflation thereafter. 2008-07-25
The Economic Status of Women in New York State
Women in New York State fare worse economically than they did in 1989, according to a report from The New York Women’s Foundation. According to the report, women in New York are more likely to live in poverty than their national counterparts (15.2 percent versus 12.7 percent of women nationally), placing the state at 40th in the nation on this indicator and down from 30th in 1989. The median annual earnings of women in New York State are $33,300, an amount slightly higher than for women nationally ($31,800) but pulling the state down from 5th in the country in 1989 to 13th in 2005. 2008-07-15
Out of School, Out of Work
Approximately 163,000 New Yorkers ages 16 to 24 are out of school and are not in the labor force, according to a recent report by the Community Service Society. Another 47,000 are looking for work but unable to find it. However, the report, "Out of Focus," found that the city has only 12,000 slots to provide education or employment for these so-called "disconnected youth." 2008-07-14
Cost of Early Retirement
An analysis by the Independent Budget Office found that a bill currently under consideration by the State Legislature that would lower the retirement age from 62 to 55 for some public employees would cost more than $68 million. That estimate was one that has varied widely -- $200 million from the Bloomberg administration to 0 from a union-backed actuary. The estimate takes into account the salary savings the city could realize if some public employees retired and entry-level workers replaced them. 2008-06-23
Kitchen Space for Food Entrepreneurs
A policy brief from the Center for an Urban Future calls for the creation of additional kitchen incubators, shared space with ovens, ranges, and other cooking equipment that can be rented for commercial use by small business owners. Kitchen incubators provide licensed commercial kitchens at affordable rates, but there are only four of these facilities in the city, serving 60 small businesses. 2008-06-05
Job Losses Predicted
New York City could lose 85,000 jobs between now and 2012 largely as a result of problems in the financial sector, according to a report by City Comptroller William Thompson. Although the city has weathered the economic downturn better than many other parts of the country, Thompson predicted the loss of financial jobs eventually will have a wider ranging effect, since they account for 30 percent of city salaries and wages. In his analysis of the mayor's budget for the next four years, Thompson said he did not expect the current slowdown to be “disastrous." 2008-06-01
A Brighter Executive Budget
An analysis of the Bloomberg administration's executive budget by the Independent Budget Office predicts a brighter fiscal picture for the near future, but also foresees larger budget gaps by 2011. Because of higher than expected revenues, the early retirement of debt and spending reductions, the office predicts the city will not have a budget shortfall in 2009 and 2010. But, it also projects a $3.3 billion shortfall in 2011 and nearly $4.3 billion in 2012. 2008-05-21
Getting in the Game: NYC and the Video Game Industry
A study by the Center for an Urban Future finds that New York City has many of the ingredients necessary to capture a significant share of the video game industry’s growth: a creative workforce, the backing of the film and publishing industry, and over 30 companies already call the city home. However, New York is well behind other gaming hubs like Seattle, Los Angeles, and San Francisco in the total number of video game development companies. 2008-05-13
Risk of Foreclosure Wave
Due to risky lending trends, many neighborhoods across the city are vulnerable to large scale foreclosures if the housing mark slows, according to a new report by New York University's Furman Center for Real Estate and Urban Policy. The report, the center's annual "State of New York City’s Housing and Neighborhoods," finds that city residents have been increasingly taking subprime and refinance loans. In 2006, "21 percent of all home purchase loans and 27 percent of all refinance loans were subprime, compared to the national rates of 13 percent and 16 percent respectively." Another concern is the increase in use of second liens, which have grown from 9 percent in 2004 to 30 percent in 2006. The report also finds that black and Hispanic borrowers are much more likely to have these risky loans than their white counterparts. 2008-05-01
Loophole Closure Could Raise Millions
New York City could realize as much as $225 million annually in net revenue if it closed a loophole in the unincorporated business tax that applies to hedge funds and private equity firms, according to a new report from the Fiscal Policy Institute. The report argues for closing the loophole so the city could tax managing partners at private equity firms and hedge funds. These partners are now not taxed because they invest their own capital, which is also subject to the personal income tax. In 2007, the 13 leading New York City hedge funds generated $20 billion in profits. 2008-04-21
New York City Foreclosures in 2007
This report from New York University's Furman Center for Real Estate and Urban Policy looks at foreclosures of local properties in 2007. The analysis finds that a majority of the nearly 15,000 mortgage-related foreclosure filings in New York City in 2007 were on multi-family buildings, and only about 40 percent were on condominiums or single-family homes. The analysis shows that over 30,000 households (or about 76,000 New Yorkers) are living in
properties that entered the foreclosure process in 2007. The Center estimates that more than 15,000 of these households (or some 38,000 New Yorkers) were living in rental units. Most tenants living in buildings going through foreclosure face eviction if the property is sold at auction. However, tenants protected by New York State's rent regulation laws, which apply to many units in larger buildings, are not at risk. 2008-04-15
Income Gap
New York has the widest gap between rich and poor of any state in the nation, according to a report released today by the Fiscal Policy Institute, and the difference is even larger in New York City. The top 20 percent of New Yorkers have incomes almost nine times that of New Yorkers in the lowest 20 percent. While rich New Yorkers got significantly more affluent in the last 20 years, those at the lower rungs of the economic ladder have seen their incomes remain fairly stagnant. 2008-04-09
Unionization of Blacks in New York
To mark the anniversary of Martin Luther King's assassination, the Fiscal Policy Institute has released a report on the unionization rates of blacks in New York and nationwide. In New York, 37 percent of blacks are in a union, while 26 percent of the overall workforce is unionized. Nationally, 16 percent of blacks are unionized and 14 percent of the overall workforce is in a union. Approximately 25 percent of Hispanics in New York are in a union. 2008-04-03
The Council's Budget Response
The City Council has identified $1.37 billion in additional budgetary resources, from revenues to agency cuts, since the release of the mayor's preliminary budget, according to the council's budget response released yesterday. The proposal identifies about $160 million in agency cuts, and the remaining resources can be attributed to re-estimates and additional revenue sources. The council plans on extending the 7 percent property tax reduction as well as the $400 rebate, which were staples of last year's budget. The mayor must release his executive budget by May 2, then the council and the administration will hash out a compromise by July. 2008-04-02
Energy Costs and Capacity in NY
Albany must curb energy costs and increase capacity to meet rising demand, the Manhattan Institute argues in a new report. It notes that New York City and Long Island have some of the highest electricity rates in the country, and for the city to meet electricity demand in the city through 2012 alone, it will need to add resources equivalent to a new 500 megawatt power plant. To address these issues in the city and statewide, the report recommends a variety of options from reauthorizing a power plant siting law called Article X to the relaxation of environmental regulations and a reduction in taxes and fees imposed upon energy generators and transmission companies. 2008-03-13
Residential Housing Boom Continues
More building permits for privately-owned residential units were issued in the city last year than any year since 1972, according to new data released by the Census Bureau. This is the second highest number since accurate records were first kept. Brooklyn and Queens saw the highest ever. 2008-03-06
Comptroller's Outlook on Economy
The city's economy outperformed the nation, William Thompson, the city comptroller, said yesterday in his quarterly Economic Notes. "But slumping housing prices, the sub-prime mortgage crisis and high oil prices are signaling an economic slowdown this year," he added. His office found Gross City Product grew 3 percent in 2007. Meanwhile, the national economy expanded by 2.2 percent. The city also saw higher job growth than nation. "Thus far, the adverse employment effects of the sub-prime crisis have come primarily in financial activities outside New York," he said. "However, if the Fed is unable to reassure investors and avert a national recession, that may change dramatically in 2008." 2008-02-14
Development in the Bronx
Last year $1.3 billion was invested in private, commercial and institutional development throughout the Bronx, according to a report by the borough president. The borough also issued 914 new addresses in that time. The highest month for investment was June, when $453 million was invested. Last December, which wasn't included in last year's numbers because those statistics end in November, $150 million was invested in development and 75 addresses were issued. 2008-01-11
A Dismal Fiscal Future
A new report by the city's Independent Budget Office paints a disappointing fiscal portrait for the coming years, which could even worsen if the nation's housing crisis begins to seriously penetrate the local real estate market. The report projects a $3.1 billion budget gap in 2009, approximately $360 million more than the mayor's office predicted in October. Those gaps grow to $4.6 billion in 2010 and $6.3 billion in 2011. The report cites costly labor agreements and slowing economic growth as reasons for the budget gaps. 2008-01-08
The Primary Care Reimbursement System
The Primary Care Development Corporation and RSM McGladrey, Inc. released a report last week on the reimbursement system for primary and preventative care providers in New York City. The report finds financial losses for care providers ranging from $28 to $227 per patient visit. Voluntary hospitals lose the most per visit, at $227 per patient, while New York City Health and Hospitals Corporation hospitals lose the second most, at $133 per patient. The current reimbursement system, the report says, is inconsistent and inadequate; lacks transparency; and does not promote positive health outcomes or support high-performing care. 2007-12-12
Comptroller’s Pension Proposals for 2007
City Comptroller William Thompson filed 22 different types of shareholder resolutions on behalf of the New York City Pension Funds with 100 different types of companies during the 2007 proxy season, according to a report released recently. Out of those resolutions, Thompson submitted corporate governance proposals to 32 companies and social and environmental responsibility proposals to 76 companies. The proposals included a call to implement the International Labor Organization and United Nations Human Rights Norms into companies’ international operations as well as a call to disclose political contributions, among other initiatives. 2007-12-11
Green Collar Jobs
Linking job creation to environmental sustainability, Urban Agenda, an advocacy group, has published a new report on the job opportunities arising from New York City's need to increase the energy efficiency of its buildings. The report examines different means of improving efficiency of existing buildings; discusses the new types of companies that will bloom to meet the demands of this new field; and suggests the creation of a "Green Collar Jobs Taskforce" to ensure that the city realizes the employment opportunities of initiatives like PlaNYC. 2007-12-06
Budget Gaps Widen
The city could face a budget gap of more than $6 billion in 2011, according to a report by City Comptroller William Thompson released yesterday. The report examines the mayor’s financial plan revisions released in October, when, the report states, the mayor took “appropriate” steps to begin to address a slowing economy. Tax revenues are below the projections made at the time of the budget’s adoption by $148 million for fiscal year 2008, which the mayor’s budget modification addresses. For 2009, the budget gap has grown from $1.55 billion to $2.73 billion, according to the report, which prompted the mayor to direct agencies to cut spending. 2007-12-04
Income Property Market
The number of apartment buildings sold across the city rose 11.3 percent for the first half of 2007 over the second half of 2006, according to Miller Cicero, LLC, a real estate advisory firm. The rise was carried mainly by Manhattan which saw an increase in the number of sales coupled with a rise in prices. While there was a sharp rise in sales citywide over the second half of 2006, there were 13 percent less than the first half of 2006. Median prices rose 2.6 percent over the second half of last year. Demand was highest for properties with below market rents that could be raised later. 2007-11-30
Hunger in New York
The number of New Yorkers who at times have to rely on soup kitchens and food pantries increased dramatically in 2007, according to the New York Coalition Against Hunger's annual pre-Thanksgiving survey. The coalition estimates that 20 percent more people used such facilities this year, following an 11 percent increase last year. At the same time, food stocks declined, forcing half the programs to ration food. One in six city residents -- about 1.3 million people -- live in households that cannot afford an adequate and consistent supply of food, the report says. 2007-11-21
Luring Suburban Shoppers
Ethnic shopping centers in New York City are attracting shoppers from the suburbs and so are helping to boost the city economy, according to a report by the Center for an Urban Future. The report found that ethnic shoppers from around the region frequent once modest shopping districts, such as Flushing and Jackson Heights. After decades when city dollars went to the suburbs, this activity has boosted the number of businesses in these areas and created new jobs. 2007-11-14
Construction Outlook
A new report by the New York Building Congress, a trade group, published its annual three year construction outlook for the city this week. It found that construction spending will continue accelerated growth from 2007 through 2009, reaching $83 billion in that period - the strongest forecast by the group yet. The recent surge in non-residential spending will continue to rising, while residential spending will continue to thwart a national slump. Spending by government is expected to rise to $12.6 billion in 2008 and 2009 from $11.9 billion in 2006. Construction employment will continue to rise, topping 130,000 in 2009, from 116,000 in 2006. But construction costs are rising by about 1 percent a month. 2007-10-18
Subprime Lending Remains High in City
Subprime lending in New York City decreased between 2005 and 2006, but it did not come close to the drop seen nationally, according to an analysis by the Furman Center for Real Estate and Urban Policy - an initiative of New York University’s School of Law and the Robert F. Wagner School for Public Service. The city's lending declined from 23 percent to 19.8 percent, while the country's rate fell far more sharply, from 17.9 to 12.8. The analysis also revealed that economic and racial disparities persist in subprime lending. Hispanics are three times as likely to get a subprime loan and blacks are four times as likely compared to white borrowers. Similar disparities were seen by neighborhood. 2007-10-16
Forclosures Continue to Rise
There were 8.5 percent more new foreclosure auctions in this quarter of the year over the last quarter, according to a new report by PropertyShark.com, a real estate data site. The 698 foreclosures this quarter constitutes a 64.2 percent rise over this point last year. Staten Island had the highest percentage increase of foreclosures over last quarter, but Brooklyn and Queens continue to have the highest number. 2007-10-04
High-Tech in New York
While New York City is rarely considered a high-tech center, technology plays a significant role in the city economy, according to report by the Industrial and Technology Assistance Corporation, a not-for-profit economic development organization. It found New York boasted an estimated 226,000 high-technology jobs in 2004, the last year for which complete data were available. The report also concludes that high-tech companies face a number of obstacles to doing business in New York and recommends ways to help develop the industry. 2007-09-12
Bank Branches Surge
A report released by Rep. Anthony Weiner and Councilmember Letitia James shows new bank branches have flourished in New York City since 2000, but have not opened in poorer neighborhoods. Bank branches have increased 27 percent, or by 338 branches, of which 88 have opened in the city’s wealthiest neighborhoods. In comparison, only 9 banks opened in the city’s poorest neighborhoods. Since 2000, 24 branches opened in the Bronx, while branches increased by 168 in Manhattan, according to the report. In response, Weiner suggests providing incentives for banks to open in underserved neighborhoods. 2007-09-11
New York’s Workers
Median wages increased slightly in New York State last year, largely the result of a hike in the minimum wage, according to a report by the Fiscal Policy Institute. Despite this, increases in wages still lag behind growth in productivity, the report, the State of Working New York, concludes. It found some signs of growthupstate but highlights troubling trends as well, including a huge gap between rich and poor and a sharp increase in the number of New Yorkers who work but still live in poverty since 1990. 2007-09-04
Fare Hike Not Necessary Just Yet
Before the Metropolitan Transportation Authority looks to increase fares, the city and state should consider recommendations from the recently formed congestion pricing commission and the authority’s five-year capital plan, according to a report by New York State Comptroller Thomas P. DiNapoli released yesterday. The authority recently proposed raising fares in both 2008 and 2010 to address a budget deficit. DiNapoli’s report suggests a fare increase would not be necessary in 2008 when the authority projects a cash balance of $323 million. Because the authority could receive state funding following its anticipated vote on a fare hike in December - which is before Governor Eliot Spitzer would release his executive budget and before the congestion commission would release its recommendations – the authority should hold off on any increase until it is aware of other possible funding alternatives. 2007-08-28
Budget Watchdog Flunks City's Vocational Schools
Students attending the city's vocational high schools are being shortchanged, according to a report issued by the Independent Budget Office at the request of Public Advocate Betsy Gotbaum. The report found the schools spend less per student than general public high schools; none of the schools have state approval for all their programs; and less than half meet federal No Child Left Behind standards. 2007-08-10
Working for Welfare
New federal regulations for welfare recipients could cost the city more than $200 million this year, according to a report by the city’s Independent Budget Office. The city failed to meet its quota after the first quarter under the new regulations, which requires more participants be involved in work-related activities. If the trend continues, the city could be in store for penalties. Even if it can meet the more stringent work quotas, unanticipated costs could arise from childcare for families that are entering the work force. 2007-07-05
Cuts for Summer Youth Jobs Program
New York City’s Summer Youth Employment Program will serve approximately 9,000 fewer young people this summer than in 1999, according to a report from the Center for an Urban Future. The report shows that while the Bloomberg administration and the City Council have significantly increased city funding for the program in recent years, steep cutbacks in federal support and a higher state minimum wage has caused the number of participants to shrink by 21 percent. 2007-06-19
Gay Marriage Could Bring in Millions
According to a report released this week by New York City Comptroller William Thompson, Jr., the city could glean approximately $142 million in economic benefits in the first three years after legalizing same-sex marriage largely from weddings, gifts and other spending associated with the events. The report, which examined the economic impact on the city and state levels, recognized the possibility of increased costs for businesses through an expansion of employee benefits for same-sex spouses, although the impact could be partly offset for firms and companies that already offer insurance for domestic partners. Other beneficial economic impacts include increased tax revenues and the possible encouragement of couples to purchase homes due to greater financial stability. 2007-06-07
A Good Times Budget
The Independent Budget Office reviews Mayor Michael Bloomberg’s executive budget for the coming fiscal year and finds the picture so bright in the short term that the biggest issue is what to do with the estimated surplus. The office foresees budget shortfalls in the comings years, a result of tax cuts and a likely slowing of the real estate market and an anticipated decline in Wall Street profits. But, the report says, the gaps “are not large given the size of the city’s budget.” 2007-05-16
