De Blasio’s preliminary budget shows the devastating impact that the pandemic continues to have on the city’s residents and economy, said Andrew Rein, president of the Citizens Budget Commission, a business-backed fiscal watchdog.



“The projected precipitous decline in property taxes is historic,” Rein said. “ It demonstrates the current challenges faced by residents and businesses, and strongly signals the long-term risks and hard road to recovery faced by key sectors and industries.”


The city hasn’t cut enough spending to stabilize its finances such as cutting employee benefits or improving productivity, Rein said.