Economic Development and Finance
After the primaries, what immediate actions should the incoming mayor take to bend federal funds for local priorities?
As New York moves from relief to recovery, and from managing the Rescue Plan to infrastructure, innovation, and human capital funds, the next mayor would be wise to shift away from an approach grounded only in city hall, and adopt a collaborative, networked approach to deployment that brings in city leaders from the public, private and civic sectors. This paper proposes actions the incoming mayor can take to lay the foundation for an equitable recovery.
By Bruce Katz, Colin Higgins, Karyn Bruggeman and Brian Reyes
How can the next City administration partner with the business community to develop investable projects that advance New York City's sustainability goals?
New York City’s recovery and future depends on sustainable development, which requires economic growth, social inclusion, and environmental protection. The task is to integrate and balance these three elements and place racial equity and justice at the center, as the UN SDGs do, prioritizing the people most impacted by poverty, inequality, climate change, and environmental injustices in a sustainable world.
By Marianna Koval
What additional investment vehicle can the City utilize for its economic development agenda while simultaneously leveraging assets for the greatest return?
This paper will specifically address the direct investment of New York City pension funds in New York City public (social) infrastructure as a means to invest in our own future while preserving pension benefits for retirees, capitalizing on city assets and easing the debt burden on the expense budget. The paper will provide a brief overview of economically targeted investments and pension funds, the use of direct investments in infrastructure by other pension funds, and the case for New York City.
By Gayle Horwitz
On January 1, 2022, amid New York City’s somewhat sputtering recovery from the COVID-19 pandemic and recession, Eric Adams will be sworn in as New York City’s 110th Mayor. To ensure that New York recovers, stabilizes, and ultimately thrives, the incoming Administration should set and implement fiscal, managerial, and policy priorities that will boost the city’s economy and competitiveness, and provide the services and opportunities necessary for New Yorkers to flourish.
By Ana Champeny and Andrew S. Rein
How can New York City government support small businesses to aid in its economic recovery?
New York is a big city of small businesses accounting for 99 percent of all firms and employing nearly half of all New Yorkers. The new firms that join their ranks help drive growth and dynamism throughout the Big Apple, especially in communities most in need of opportunity. With a new mayor in office, New York City has the opportunity to become the best city in America for starting—and running—a small business. This paper proposes five ideas for how New York City can achieve that goal
By Michael Hendrix
What administrative and policy changes can New York City make to promote fairness, equity, transparency, and predictability in the New York City Property Tax-- essential elements for a fair and just economic recovery?
This fiscal year, New York City will raise almost 46 percent of its tax revenue from the property tax. Yet the property tax system is unnecessarily complicated, unpredictable, and discriminatory. Given the importance of the property tax to the economy, the City should utilize all its existing tools to ensure that the property tax structure is as fair as the current law allows.
By Martha E. Stark