New York City

Subscribe to New York City

State Comptroller Thomas P. DiNapoli Statement on NYC Finances

New York State Comptroller Thomas P. DiNapoli issued the following statement after giving remarks at New York City Financial Control Board’s annual meeting today:

“New York City’s 2024 budget increased spending to address growing demand for services using stronger than expected revenues and remaining federal pandemic aid.

“Significant risks are on the horizon, however. Unbudgeted costs for housing asylum seekers and other humanitarian efforts will quickly exceed the city’s resources. Federal aid and policy guidance are needed to assist the growing burden on the city.

Residential Real Estate in NYC: Rising Tax Bills During COVID Fuel Disparities

New York City’s residential real estate market has proven resilient to the COVID-19 pandemic recession, with family homes in the outer boroughs seeing significant growth in value as people sought larger spaces amid limited supply. However, changes to tax bills do not necessarily follow market values due to assessment caps and phase-ins. The complexity of the City’s property tax structure led to significantly larger increases in tax bills for lower-valued properties during the pandemic.

Review of the Financial Plan of the City of New York, August 2023

New York City’s finances continue to benefit from better-than-projected revenues and savings generated through initiatives launched in response to its financial challenges. While many of the fiscal challenges facing the City are not in its direct control — including the continued influx of asylum seekers, elevated demand for City programs due to an uneven recovery and the potential for federal and State actions that could further pressure City finances — preparation remains paramount to navigating this uncertainty.

DiNapoli: NYC's 2024 Budget Balanced, but Risks Loom

A $5.5 billion surplus from last fiscal year and $1.7 billion in savings from the city’s Program to Eliminate the Gap (PEG) have helped New York City balance its $112.6 billion budget for city fiscal year (FY) 2024, despite $2.9 billion in costs in FY 2024 to address the influx of asylum seekers.

DiNapoli: Many NYC Senior Citizens Remaining Too Long on DFTA Wait Lists for Services

Too many seniors are waiting months on the New York City Department for the Aging’s (DFTA) client wait lists to get critical assistance like home delivered meals, housekeeping and personal care services because the agency is not doing enough to monitor the service providers it hires, according to an audit released today by State Comptroller Thomas P. DiNapoli.

New York State Rent Relief Update: Spotlight on New York City, July 2023

The federal- and State-funded Emergency Rental Assistance Program has distributed nearly $3.1 billion to approximately 250,000 applicants statewide. New York City’s residents received most of the funding (81.2%), followed by residents in Suffolk County (2.9%), Westchester County (2.7%) and Erie County (2.5%). The State and the City must continue to monitor renters’ ability to make payments and ensure any future funding, including the most recent commitment in the State budget, reaches the households that need it the most.

DiNapoli: Some Affordable Apartments for Seniors Left Vacant for Years

The shortage of affordable housing is especially hard on elderly New Yorkers, but many units are sitting vacant even though thousands of seniors are on waiting lists for them, an audit released today by New York State Comptroller Thomas P. DiNapoli found. The audit examined whether the NYC Department of Housing Preservation and Development (HPD) and the NYC Housing Development Corporation (HDC) properly oversee the awarding of housing to seniors and a program that assists senior homeowners.

DiNapoli Audit Finds Hazardous Conditions Persist in Mitchell-Lama Developments

New York State’s affordable housing agency, Homes and Community Renewal (HCR), is falling short in its oversight of several Mitchell-Lama developments, according to an audit released today by State Comptroller Thomas P. DiNapoli. Auditors found unsafe conditions at facilities that went unaddressed, sometimes for years, and questionable spending.