New York State has many strengths yet faces many challenges: potential economic slowdown or downturn, short-term fiscal stability but a long-term $12 billion structural budget gap, inadequate housing production, and the imperative to maximize the benefits of its massive current and future spending on education, economic development, and environmental conservation. Rarely has New York faced such significant competitive threat, with the pandemic demonstrating to some that they can enjoy a good quality of life or successfully work or run a business outside of New York. The State is at a crossroads—decisions made this year will affect New York’s future competitiveness and desirability as a place to live and work.  

CBC’s new “What to Look For In New York State’s New Year” identifies and provides insight into major fiscal, policy, and programmatic issues that the Governor will likely address in her State of the State address and the Fiscal Year 2024 Executive Budget.

These include:  

• What proposals will be made to boost housing production and affordability, including streamlining environmental review, increasing transit-oriented development, and incentives for multifamily rental housing; 
• How the State’s budget, policy, and program decisions may narrow or exacerbate its looming budget gaps and address expiring federal COVID aid and tax increases; 
• Whether the State will buttress Rainy Day reserves as the possibility of recession increases, perhaps by depositing the $2 billion in extra revenue identified in the Mid-Year budget update; 
• How the State will ensure affordability and stave off future cuts by constraining Medicaid cost growth and directing more school aid to districts and students in need; and 
• Whether there will be additional aid to the MTA, where from, and if future aid will be conditioned on MTA operating efficiencies or adjustments to post pandemic ridership patterns.  

Read the full list of issues in What to Look for in New York State’s New Year.