Andrew Rein, president of the Citizens’ Budget Commission, described the projected decline in property taxes as “historic,” saying it “strongly signals the long-term risks and hard road to recovery faced by key sectors and industries.”



“Unfortunately, nearly one year into the fiscal crisis, the city still has not substantially embarked on the significant restructuring and spending restraint needed to stabilize its long-run finances,” he said. “City-funded spending will increase 3.2% between fiscal year 2021 and fiscal year 2022.”