New York City has been the epicenter of the novel coronavirus pandemic in the United States. The economic, social and budgetary impacts have been unprecedented, while the loss of life has been unimaginable.
Inadequate capital funding and poor management practices have contributed to a marked deterioration in the mass transit system operated by the Metropolitan Transportation Authority (MTA). In addition, the MTA’s operating budget faces significant challenges.
In March and April 2020, Congress passed four stimulus bills to address the COVID-19 pandemic’s impact on the public health system and the economy. As Congress debates additional relief measures, it is worth reviewing the targeting of the initial funding in order to inform new policy to counter the virus and its economic effects.
The restaurant industry is essential to New York City’s social and economic fabric. From small, family-owned restaurants and food carts to four-star world-famous establishments, the City abounds with restaurants that offer cuisines from every corner of the globe.
The COVID-19 pandemic has created a fiscal emergency for the City of New York, creating significant revenue shortfalls and increased costs associated with managing the public health crisis.
New York City is benefiting from the longest and largest job expansion since the end of World War II.
The retail sector, one of New York City’s biggest employers, is having an uneven recovery from the COVID-19 pandemic, with “non-essential” retailers struggling but online sellers booming, according to a report released today by State Comptroller Thomas P. DiNapoli.
New York State Comptroller Thomas P. DiNapoli released the following statement today in response to the Metropolitan Transportation Authority’s release of its November budget and financial plan:
“Our regional transit system is on the edge of a precipice. Without a significant infusion of federal funds, the region faces service cuts in 2021 that would change public transit as we know it. It’s too late for federal help to assist the MTA this year, forcing it to borrow almost $3 billion to get through 2020 and saddling it with even more debt in the coming years.
New York City, facing significant uncertainty in its economic and financial outlook, should develop a comprehensive plan to lay out its options before resorting to long-term borrowing to fund operations, according to a report released today by State Comptroller Thomas P. DiNapoli. DiNapoli urged the federal government to provide relief, as it has after each of the last two recessions.
Amidst the economic tumult brought on by the COVID-19 pandemic, the securities industry saw its pretax profits reach $27.6 billion in the first six months of 2020, an 82 percent increase over the same period last year, according to State Comptroller Thomas P. DiNapoli’s annual report on Wall St.’s performance.
