Wall Street’s run of prosperity extended into the first half of 2021 with $31 billion in pre-tax earnings, beating 2020’s outsized first half profits of $27.6 billion, even as job losses accelerated in New York City’s securities industry, according to State Comptroller Thomas P. DiNapoli’s annual report on Wall St.’s performance.
The COVID-19 pandemic wiped out years of growth in New York City’s office sector, erasing nearly $28.6 billion in market value and more than $850 million in property taxes in City Fiscal Year (FY) 2022. Timing its recovery is an open question, however, as employers continue to offer work-from-home options, according to a report released today by State Comptroller Thomas P. DiNapoli.
The COVID-19 pandemic wiped out years of growth in New York City’s office sector. Stay-at-home orders forced many office workers to shift to remote work, as businesses reliant on in-person interactions with customers were forced to reduce capacity or remain closed for extended periods. As a result, in City Fiscal Year 2022, the full market value of office buildings fell $28.6 billion, the first decline in more than 20 years, and property taxes declined more than $850 million.
The Metropolitan Transportation Authority (MTA) has fended off fiscal disaster brought on by the COVID-pandemic, but it is not out of the woods yet, according to a report released today by New York State Comptroller Thomas P. DiNapoli.
Since the start of the COVID-19 pandemic, the MTA has been in a state of existential crisis. The Comptroller’s annual report on the MTA’s finances details how the combination of higher spending, the winding down of federal aid, the risk of lower ridership levels, increased impact from extreme weather, potential service reductions and other factors put the MTA in danger starting in 2025.
The crisis created by the COVID-19 pandemic came at a time when NYC Health + Hospitals (H+H) had been working toward stabilizing its financial situation. Since 2015, it has been introducing initiatives to increase revenue collections through improving billing procedures, negotiating higher insurance rates, attracting and keeping patients, and lowering personnel costs. This report reviews H+H’s position before the pandemic, assesses the financial and operational impacts of its COVID-19 response, and weighs the long-term effects of the pandemic on the system.
Federal COVID-19 relief funds distributed during the pandemic provided critical financial support to New York City Health and Hospitals (H+H), but reliable funding and timely payments from all government sources is needed to keep the largest municipal health system in the country in good fiscal health, according to a report released today by State Comptroller Thomas P. DiNapoli.
The New York Daily News published an op-ed from New York State Comptroller Thomas P. DiNapoli today warning New York City’s leaders to safeguard the city’s finances against the challenges that lie ahead. The full op-ed is below:
The COVID-19 pandemic has changed the face of education across the country and in New York City, the nation’s largest public school system. During the pandemic, the City had to develop and implement novel remote learning protocols to continue educating students. Extraordinary levels of federal aid allowed the City to overcome these obstacles and implement a number of new initiatives to help students and address learning losses.
The COVID-19 pandemic has widened the achievement gap that exists for students across the nation. Unprecedented federal funding presents the city of New York with an opportunity to begin closing that gap for the more than one million students attending New York City’s public schools. That opportunity cannot be squandered.
