New York State will soon receive more than $4 billion in settlements from large financial institutions. It is an unprecedented windfall, coming from wrongdoing by banks, and it is rightly generating public discussion about what to do with the money.
For months, the biggest fiscal uncertainty for the city has been how Mayor de Blasio would handle negotiations with the municipal unions that have been working without contracts. The tentative agreement with the teachers union last week and the executive budget released Thursday reveal the mayor’s solution.
PATH—the rail transit system of the Port Authority of New York and New Jersey—is the only mass transit system in the nation with no tax subsidy. That should be changed, and responsibility for running PATH should be shifted to New Jersey Transit.
The tentative agreement between the city and the teachers union resolves major uncertainty surrounding the city's financial plan and ensures some stability in labor relations with a major segment of the city workforce for the next five years.
Amidst the national controversy over the creation of health insurance exchanges or marketplaces, the launch and early months of New York's official health plan marketplace stand out. Governor Andrew Cuomo and the Departments of Health and Financial Services deserve recognition for an impressive start, even as further refinements are underway.
Central to addressing the challenge of income inequality that Mayor Bill de Blasio has articulated so passionately is the need to ensure New York City's economy continues to grow and more New Yorkers are employed in middle-class jobs.
It is likely that the Financial Plan Mayor Bill de Blasio is scheduled to release in February will significantly increase municipal spending beyond the amounts previously planned by the Bloomberg Administration.
CBC's Director of New York City Studies Maria Doulis pens an op-ed in the New York Times' Room for Debate on how the next mayor can achieve important economic development goals: more jobs, a more diversified industry mix, a larger middle class and enhanced entrepreneurship.
A study released earlier this month by The Economist Intelligence Unit held good news for New York City, which ranked first among 120 global cities based on ability to attract capital, businesses and talent. But the competition is fierce, and is not limited to international megacities like London, Singapore, Hong Kong, and Tokyo.