New York State Comptroller Thomas P. DiNapoli released the following statement on the New York City Mayor’s 2024 State of the City address:
“Public safety, affordability, and economic growth must guide future investments for New York, but the city is facing serious challenges, including unsustainable spending on the migrant crisis, growing housing costs and federal pandemic aid coming to an end.
New York State Comptroller Thomas P. DiNapoli released the following statement on New York City's Fiscal Year (FY) 2025 Preliminary Budget:
Housing costs in New York City and the surrounding suburbs have grown more than 68% over the last decade, the largest increase among selected major metropolitan areas in the U.S., according to a new report from New York State Comptroller Thomas P. DiNapoli.
New York City housing costs have grown more than 68% over the last decade, the largest increase of selected major metropolitan areas in the U.S. Housing affordability, which considers the incomes of households, has also worsened in New York City over the last decade, as median rent prices, in particular, grew faster than median incomes. Many New Yorkers may continue to be priced out of their preferred neighborhoods without a substantial increase in the supply of affordable housing units for low- and moderate-income households.
New York City faces spending risks that could increase its budget gaps for Fiscal Years 2025 through 2027 to an average of $12.6 billion annually, fueled by spending choices made during the pandemic, underbudgeting for recurring spending, and significant costs associated with the influx of asylum seekers into the five boroughs. While many of the fiscal challenges facing the City are not in its direct control, preparation and transparency remain paramount to navigating this uncertainty.
New York City faces spending risks that could increase its budget gaps for Fiscal Years (FY) 2025 through 2027 to an average of $12.6 billion annually, fueled by spending choices made during the pandemic, underbudgeting for recurring spending, and significant costs associated with the influx of asylum seekers into the five boroughs, according to a report released today by State Comptroller Thomas P. DiNapoli.
Population shifts during and after the COVID-19 pandemic are changing the face of New York City and highlight significant policy implications moving forward, according to a report released today by New York State Comptroller Thomas P. DiNapoli.
Population shifts during and after the COVID-19 pandemic are changing the face of New York City. In the wake of the pandemic, the City’s populace is overall older and wealthier, with a rebounding population of international migrants and declining shares of White and Black New Yorkers. The cost of living also rose as the pandemic subsided, making the City increasingly more expensive for lower income New Yorkers, who left in greater numbers in 2022.
This report examines PIT filings for the pandemic years of 2020 and 2021 and follows up on DiNapoli’s May 2022 report that looked at pre-pandemic taxpayer migration trends.
A report released today found more than one of every 100 resident personal income tax (PIT) filers left New York state in 2020, according to State Comptroller Thomas P. DiNapoli. The COVID-19 pandemic caused a significant shift in taxpayer movement, with net out-migration quadrupling in 2020 compared to the prior year. While declining in 2021, the net number of taxpayers leaving remained one-third greater than the pre-pandemic average.
