New York, NY – Today, New York City Comptroller Mark Levine unveiled a $4 billion commitment to strategic investments in affordable housing production and preservation through a new initiative titled the NYC Housing Investment Initiative. The investments respond to the City’s worsening housing crisis, which is driven in part by limited access to financing. “Too many New Yorkers are struggling just to keep a roof over their heads,” said New York City Comptroller Mark Levine. “Solving this crisis takes action...
A Message from the Comptroller Dear New Yorkers, This month’s New York by the Numbers illustrates what economists describe as a “low-hire, low-fire” economy. Hiring outside of the health sector showed moderate growth, while weekly jobless claims and continuing unemployment claims have remained at subdued levels both here in New York City and nationwide. Two months into the conflict in Iran, energy prices are surging –-fueling inflation, which spiked in March. New York City specifically saw its 12-month inflation rise to 4%, more than half a...
New York, NY — Comptroller Mark Levine today issued a proposal for the City of New York to create a framework for its major “rainy day fund,” including a targeted balance, regular replenishment, and stronger guardrails for drawing it down. The suggested parameters, outlined in a new report, come amid a budget season that has seen a proposed drawdown of the key Revenue Stabilization Fund – also known as the Rainy Day Fund – by as much as half to balance the City’s finances. The use of reserves during an otherwise strong revenue year for New York City has contributed to several major credit rating agencies changing their economic...
New York, NY — A new review conducted by auditors of New York City Comptroller Mark Levine found the Small Business Forward program, aimed at easing regulatory and financial burdens on small businesses across the five boroughs, failed to achieve meaningful change for small businesses in New York City. Vague definitions, a lack of inter-agency engagement, and inadequate benchmarking all contributed to the poor performance of the otherwise well-intentioned initiative. “Small Business Forward was a well-intentioned program designed to cut red tape and...
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