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.
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.
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 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.
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.
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.
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
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.
The pandemic program to help struggling households pay their rent faltered at the start, with New York being the last state in the country to distribute funds. Improvements, including those suggested by State Comptroller Thomas P.
New York State Comptroller Thomas P. DiNapoli issued the following statement on the Metropolitan Transportation Authority’s (MTA) July Financial Plan released today:
