New York City Economic and Fiscal Monitoring
The Office of the State Deputy Comptroller for the City of New York monitors New York City's fiscal condition, assists the New York State Financial Control Board, and regularly reports on the City's financial plans, major budgetary and policy issues; economic and economic development trends, and budgetary and policy issues affecting public authorities in the region, including the Metropolitan Transportation Authority. For questions, contact us at [email protected].
NYC311 Monitoring Tool
SEE SERVICE REQUESTS BY NEIGHBORHOOD
Non-emergency 311 calls in New York City climbed to over 3.4 million in 2024, up 7% from 2023. To increase transparency and help the city respond to growing quality of life complaints, the Office of the New York State Comptroller released a report highlighting trends in service requests over the past five years, and an interactive NYC311 Monitoring Tool to let people see requests in their neighborhood and help identify where resources may be needed.
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The Cost of Living in New York City: Food
More New Yorkers Facing Food Insecurity
Food prices in the New York City metropolitan area have risen 25.2% since 2019 and low-income households are paying substantially more toward food than before the pandemic. While food costs are affected by many factors, recent increases have been fueled by supply chain disruptions created by disruptive public health, severe weather and geopolitical events, which may continue in the near term.
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Federal Funds to New York City
CUTS IN FEDERAL AID POSE RISKS TO CITY BUDGET
New York City’s proposed Fiscal Year (FY) 2026 operating budget relies on $7.4 billion in federal government funding, accounting for 6.4% of total spending. Recent federal government actions to cut grant programs could jeopardize at least $535 million of federal aid in FY 2025 and FY 2026, but nearly all federal operating aid that flows to the City could be subject to cuts or elimination.
Briefs
Federal Funds to New York City: A Review of Categorical Grants
Temporary Assistance for Needy Families
Child Care and Development Block Grant
Title I Grants to Local Educational Agencies
Section 8 Housing Choice Vouchers
National School Lunch, Breakfast Programs
Community Development Block Grant
Individuals with Disabilities Education Act
Wall Street Bonuses
Average Bonus Hits $244,700
The average bonus paid to employees in New York City’s securities industry for 2024 reached $244,700, up 31.5% from last year. The bonus pool for the city’s securities employees reached a record $47.5 billion, its first major increase since the COVID-19 pandemic highs. Wall Street’s profits rose 90% in 2024.
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Housing Production in New York City
Solid Housing Growth at Risk As Permits Fall
New York City’s efforts to address its housing shortage have led to a growth in supply that outpaced that of the State, but a drop in permits suggests slower growth may be on the horizon. The City gained 307,000 housing units from 2010 through 2023, an increase of 9%, bringing the total to over 3.7 million. Brooklyn gained the most over that time, with 11.4% growth to reach 1.1 million units or 30% of housing citywide.
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Review of the Financial Plan of the City of New York
Budget Stabilizes, New Risks Emerge
New York City increased its expectations for its surplus in fiscal year (FY) 2025 to $2.34 billion, largely as a result of stronger tax revenue projections and a reduction in the cost of providing services to asylum seekers, which will help balance its $116.9 billion FY 2026 budget. With escalating uncertainty in the federal funding environment — which could lead the State to make choices to balance its budget that pressure local government finances — preparation and transparency remain paramount to navigate the future.
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Older Adults in New York City: Demographic and Service Trends
More Older Adults Calling NYC Home Than Ever Before
New York City’s 65 and older population grew by nearly half a million seniors in the last two decades, an increase of 53%. Much of the growth was led by Asian, Hispanic and Black seniors calling the City home, along with more seniors born outside the U.S. The City needs to continue to monitor the trends of the aging population to ensure services remain commensurate with need and outreach is robust.
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Subway Recovery Tracker
Impact of the COVID-19 Pandemic on Subway Ridership in New York City
The COVID-19 pandemic had a profound and disparate impact on subway ridership in New York City. Initially, the emergence of the virus in March and April 2020 corresponded with a steep and uniform drop in subway usage across all five boroughs. Citywide, April 2020 ridership was just 8.3 percent of what it was in April 2019, and through the summer of 2024 ridership has yet to regularly surpass 70 percent of pre-pandemic levels.
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Agency Services Monitoring Tool
MONTHLY UPDATES TRACK PERFORMANCE, STAFFING AND SPENDING
The Office of the New York State Comptroller developed a tool that displays performance indicators, staffing levels and spending commitments assigned to a City service since January 2020. While there are many factors that affect service demand and provision, the tool can provide some insight on existing operational or budgetary phenomena or the emergence of potential risks to the City’s budget and the provision of certain services.
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New York City Industry Sector Dashboards
MONTHLY UPDATES TRACK THE CITY’S ECONOMIC RECOVERY
The COVID-19 pandemic hit New York City particularly hard, causing massive job losses at major employers such as restaurants, hotels and retail stores. These dashboards follow a series of reports released over the past two years tracking economic data and the effect of the pandemic on these critical sectors and will help identify areas of weakness as well as positive developments.
Identifying Fiscal Cliffs in New York City’s Financial Plan
DROP IN FUNDING COULD IMPACT SERVICES FOR RESIDENTS
New York City’s published financial plan includes funding for some recurring spending initiatives for only a limited period, creating additional risks to already identified budget gaps. The Office of the State Comptroller has created a tool to identify sources and uses of funds for City programs that are not fully funded during the remaining years of the City’s financial plan.
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