President Biden wasn’t talking about the ‘Big Apple’ when. he said the pandemic is over…..
The city is hurting….
Workers are NOT in a hurry to come back to the office, which thye probaly have figured out would cost them time and money there boss isn’t gonna give themn a raise to pay….
Working from home IS here to stay folks….
And some workers have quit jobs that would force them back in the office….
Less workers in general means less tax revenue from the workers and everything attached to them….
This cannot be happening JUST in New York City….
On top of Inflation….
The Recession IS HERE in NYC and it’s also coming to the rest of America soon, if not already….
New York City, battered by economic headwinds and mired in a stubborn pandemic-driven downturn afflicting employment, tourism and tax revenue, is teetering on the brink of a severe budget crisis.
For the first time in six years, city officials expect that business tax revenue will decline. Personal income and related tax revenue is expected to fall by 7.7 percent, the largest drop in a dozen years.
And Wall Street’s struggles may require the city to fork over billions of dollars to its workers’ pension funds, to meet its obligation to provide guaranteed minimum returns.
The city’s commercial office market is on the precipice of a potential work-from-home abyss. The transit system’s financial situation is so grim that the state comptroller has warned that the Metropolitan Transportation Authority may seek more financial support from the city. And while the nation has regained the jobs it lost during the pandemic, New York City is still 162,000 jobs short, with the situation especially dire for Black New Yorkers, whose unemployment rate of more than 10 percent remains nearly three times the national average.
Mayor Eric Adams entered office in January as the nation’s largest city faced one of its most challenging periods. The coronavirus pandemic caused tourism and some tax revenues to plunge, while violent crime and unemployment rose.
But thanks to an extraordinary flood of federal aid, fiscal disaster was kept at bay, enabling the city to pass a record-breaking $101 billion budget in June.
That fiscal buoyancy may soon give way.
Last week, the Adams administration directed city agencies to cut their city-funded expenses by 3 percent this year, and 4.75 percent the next. Even the Police Department, which is sometimes exempt from across-the-board belt-tightening, must cut its budget….