New York, NY– The New York City Comptroller’s Office today announced a new partnership with Hebrew Free Loan Society (HFLS) to expand access to zero-interest loans for small businesses across the five boroughs—providing critical support for neighborhood entrepreneurs who continue to face barriers to affordable capital. Hebrew Free Loan Society is one of New York City’s oldest nonprofit lenders, founded in 1892 to provide interest-free loans to New Yorkers in need of access to safe capital. Today, HFLS, a nonsectarian...
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...
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