New York, NY — New York City Comptroller Mark Levine today issued a new report that examines the possible impacts artificial intelligence (AI) could have on New York City’s economy, providing the first local assessment of how this rapidly advancing technology could profoundly impact jobs, wages, tax revenue, and key industries. Comptroller Levine said the risk posed by AI in the next few years requires the City to bring the Revenue Stabilization Fund (the “rainy day fund”) to 16% of tax revenues. Currently the rainy day fund and the Retiree Health Benefit Trust hold 8.5% of projected Fiscal Year 2026 tax revenues. “There is no city in America more exposed to both the promise and peril of artificial...
A Message from the Comptroller Dear New Yorkers, This week, Mayor Mamdani unveiled a $124 billion executive budget that avoids raiding the City’s reserves and is made possible, in no small part, because of additional assistance from the State, one-time measures and short-term pension savings. It replaces a broad and inequitable property tax increase with a targeted pied-à-terre surcharge. The Comptroller’s Office has played an integral part of the budget process— from being the first to raise the alarm on...
New York, NY — New York City Comptroller Mark Levine, alongside New York State Comptroller Thomas P. DiNapoli and California Public Employees’ Retirement System CEO Marcie Frost, in a joint letter to SpaceX executives, raised objections to the reported proposed governance structures of SpaceX, which is preparing for its initial public offering. The investors hold combined assets under management exceeding $1 trillion for millions of working and retired public servants, including teachers, firefighters, police officers, nurses, and their beneficiaries. The...
New York, NY – New York City Comptroller Mark Levine issued the following statement on the Fiscal Year 2027 Executive Budget proposed today by Mayor Mamdani. “I commend Mayor Mamdani for putting forward an Executive Budget proposal that is significantly improved over the February plan. Most notably, it replaces a broad and inequitable property tax increase with a targeted pied-à-terre surcharge, and avoids raiding the City’s rainy-day reserves. “This budget has improved in no small part because of additional assistance from the State, and I am grateful to Governor Hochul, Senate Majority Leader Stewart-Cousins, Assembly Speaker...
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