Budget experts laid out grim realities for New York City's financial future, driven by record levels of local inflation, Manhattan office vacancies, expiring federal funding for COVID-19 aid and waning profits on Wall Street.
Mayor Adams and Gov. Hochul shake hands at the meeting of the NYS Financial Control Board TuesdayMayor Adams and Gov. Hochul shake hands at the meeting of the NYS Financial Control Board TuesdayRising costs of food, rent and other essential goods could spur a recession that will hurt New York City’s finances – and the poorest New Yorkers – for years to come, according to state and city officials.
The remarks were the starkest reminder yet of the risks facing Mayor Eric Adams in his first term in office as he attempts to navigate the city through what has been a prolonged and uneven financial recovery amid the pandemic.and will begin to decline, the possibility that prices remain high could lead the Federal Reserve to continue raising interest rates – which makes borrowing more expensive – to rein in inflation.
Adams conceded that the “uncertainties are real,” but he also said the partnership between himself and Hochul would mean the city and state would have a united approach to financial challenges.His remarks are a stark departure from the relationship between his predecessor, former Mayor Bill de Blasio, and ex-Gov. Andrew Cuomo, who were at odds on a variety of issues.
“I think it’s far from certain that we are headed into a recession,” he said. “If we’re not, it might just be a period of slower but positive economic and employment growth.”At a national level, job growth has continued to be strong. Parrott estimated that New York City has regained 83% of jobs lost during the pandemic.
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