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DiNapoli: New York City Continues to Rebound and Regain Share of State Economic Activity

Economic indicators show New York City’s economy is recovering from the depths of the pandemic, with the city accounting for three-fifths of the state’s total wages and its sales tax collections rising to 43% of total statewide collections, nearing pre-pandemic levels, according to a report released today by State Comptroller Thomas P. DiNapoli. Even with these and other positive developments, more people and jobs need to return to the city to fuel economic growth for the city and the state.

Domestic Violence: Recent Trends in New York

The number of domestic violence victims increased in 2022 by 8.5% in New York City and 8.7% in the rest of New York State when compared to 2019. With nearly 90,000 reported victims of domestic violence statewide in 2022, significant work remains to reduce the number of these destructive incidents and to ensure the availability of resources to assist victims.

DiNapoli: Number of Domestic Violence Victims Rises in 2022

The number of domestic violence victims increased in 2022 by 8.5% in New York City and 8.7% in the rest of New York state when compared to 2019, according to an analysis by State Comptroller Thomas P. DiNapoli. October is Domestic Violence Awareness Month. According to the Centers for Disease Control and Prevention, 1 in 4 women and 1 in 10 men have experienced sexual violence, physical violence, and/or stalking by an intimate partner during their lifetime.

The Securities Industry in New York City, October 2023

Wall Street’s 2023 first half profits of $13 billion were down 4.3% from the same period last year but tracked the industry’s return to pre-pandemic levels of revenue after record profits in 2020 and 2021. Financial firms’ interest expenses were seven times higher in 2022 than in 2021. Data for 2022 will likely show a decline in the industry’s economic contribution, back to pre-pandemic levels (14.5% in NYC in 2019), reflecting the drop in firms’ profitability.

DiNapoli: MTA Avoided A Fiscal Crisis, Now It Has To Convince Riders To Come Back

In a turnaround from the fiscal crisis it faced a year ago, the Metropolitan Transportation Authority (MTA) today stands on firmer financial ground, largely because the state budget provided dedicated sources of revenue to close projected budget gaps, according to New York State Comptroller Thomas P. DiNapoli’s annual report on the MTA’s fiscal outlook.

Financial Outlook for the Metropolitan Transportation Authority

In a turnaround from the fiscal crisis it faced a year ago, the Metropolitan Transportation Authority (MTA) today stands on firmer financial ground, largely because the State budget provided dedicated sources of revenue to close projected budget gaps. With this improved financial picture, the burden is now on the MTA to improve the region’s transit system and win riders back, while keeping its budget balanced.

DiNapoli: Transparency Needed as NYC Moves Forward with Difficult Budget Choices

New York City is planning significant steps to reduce city-funded spending by as much as 15% in response to substantial budget gaps fueled by escalating costs in the years ahead. However, the city’s ability to cut spending is limited to what it has discretion and control over, according to a report released today by State Comptroller Thomas P. DiNapoli.

Nondiscretionary Spending and Budgetary Management

New York City is planning drastic steps to reduce City-funded spending by as much as 15% in response to substantial budget gaps fueled by escalating costs in the years ahead. This report urges the City to provide greater transparency on nondiscretionary costs that it does not have direct control over to help the public, policymakers and its funding partners understand what’s at stake.

DiNapoli: NYC's Property Tax Bills Rise Along With Burden on Working- and Middle-Class Homeowners

The COVID-19 pandemic has caused property tax disparity to worsen in New York City, driving housing costs higher for many, according to a report released today by New York State Comptroller Thomas P. DiNapoli. Property tax disparities have been well documented for decades by advocates, fiscal monitors and the city, but the report found even when property values declined for many condos, co-ops and rental apartments due to the pandemic, property tax bills continued to rise.