“Smaller than anticipated Wall Street bonuses, reported today by New York State Comptroller Tom DiNapoli, suggest that the city and state will not have the tax revenues they counted on for 2016-17. The Comptroller’s findings are clear evidence that the tough new financial regulations put in place in the past five years are hurting New York, in terms of both economic activity and tax revenues. A survey conducted last year by the Partnership for New York City found that regulated financial institutions are primarily hiring people in compliance and risk management, while profit- and bonus-generating jobs in trading and underwriting are being cut back. Politicians who are calling for even more regulation of the financial industry, including our Mayor, need to keep in mind that the financial industry is responsible for approximately 40% of our local economy and directly contributes almost 20% of our tax revenues. New York cannot continue to thrive if Wall Street withers.”
The Partnership for New York City, the city’s leading business organization, today released data showing the economic impact a NJ Transit rail strike would have on New York City employers. A strike is expected if railroad and rail union officials do not reach a contract agreement by March 13th. The Partnership estimates that every hour commuters are delayed in getting to work due to NJ Transit rail being out of service will cost New York City employers $5.9 million.
Long-Term Unemployment Down Almost 60% From 2010 Peak
City Spending up 7.5%, Slightly Ahead of Revenues
The Partnership for New York City, the city’s leading business organization, today released its latest Dashboard NYC, a quarterly snapshot of key economic and quality-of-life indicators. The data for the fourth quarter of 2015 shows a historic high in jobs—4.3 million—and an unemployment rate at 4.9%, almost reaching pre-recession lows.
Employment in New York City rose 2.3% in the past year, driven by job increases in almost every sector, including Financial Services, Professional Services, Construction and Healthcare. The only sector that saw a decline in jobs was the manufacturing sector.
Kathryn Wylde, President and CEO of the Partnership for New York City, will testify later today in front of the Zoning and Franchises Subcommittee of the New York City Council in support of the proposed Mandatory Inclusionary Housing (MIH) and Zoning for Quality and Affordability (ZQA) text amendments. Her full testimony is below.
According to Wylde, “a massive, collaborative approach is required to meet the demand for affordable housing that neither government nor the private sector can accomplish on its own…In order to launch a housing production program that matches the scale of need, the city has to rely on changing its zoning requirements, more flexible design and use of air rights, in order to accommodate greater density and to create value that can be leveraged for the public good. This cannot be accomplished in a timely fashion or at scale unless it is a citywide zoning policy.”
“Tonight Mayor de Blasio focused on investing in the city ‘s future, ranging from building new centers of innovation and economic activity to developing a novel transit connector between Brooklyn and Queens and creating a network of health centers serving the South Bronx. These are priorities that the business community shares – practical and achievable. They will contribute to the city’s vitality and stimulate private investment.”
“Today there are 137,000 open job postings in New York City, largely because employers cannot find people with the requisite skills to fill them. This is why the business community strongly supports Governor Cuomo’s proposals to provide equitable state funding for charter schools as well as a tax credit for supporters of parochial schools. New York must develop a new generation of talent in order to maintain our position as a global center of innovation and commerce, and investing in a full range of education opportunities is the only way to accomplish that.”
This morning, Partnership members and friends joined in honoring Jay Fishman at a breakfast hosted by Jerry Speyer at the Rainbow Room. Jay spoke movingly about how he and his wife Randy are treating his own struggle with ALS as an opportunity to make life better for all ALS patients and their families. Among other things, he intends to raise $10 million to endow a program that is being developed at Boston Children’s Hospital to enable ALS patients to “bank” their voices while they still have the ability to speak. This new and exciting technology allows patients to communicate with the assistance of a computer, but have the voice and intonation be their own rather than one generated by a computer.
Maria Gotsch, President and CEO of the Partnership Fund for New York City, sat down with The Economist Intelligence Unit for an edition of their EIU Perspectives podcast. She and Brett King, CEO of Moven, spoke about the role ecosystems play in stimulating digital partnerships.
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“Broken windows policing has made the city safer and more attractive. The business community trusts Police Commissioner Bratton and his team to judge whether proposed legislation would put our city and its citizens at risk. Whatever legislation emerges from the City Council, Mayor de Blasio and Commissioner Bratton must be in a position to assure the public that it will not impede the essential work of the NYPD.”
Fourteen New Pilot Programs Anticipated to Result from Program — Current Class Has Raised $3M Since Program Launch in September 2015.
New York, NY – Today, the New York Digital Health Accelerator (NYDHA) – an intense five month program run by the Partnership Fund for New York City (Partnership Fund) and the New York eHealth Collaborative (NYeC) to foster New York’s growing health tech sector – featured six leading early- and growth-stage health tech companies that are developing cutting-edge technology products for healthcare providers and patients in the areas of care coordination, patient engagement, and workflow improvement.