News Press

Partnership Statement on the State Budget

May 02, 2023

“The city’s business community generally shares the priorities that Governor Hochul advanced successfully in the budget, including public safety, a graduated increase in the minimum wage, adequate funding for the MTA, and expanded mental health services,” said Kathryn Wylde, President and CEO of the Partnership for New York City. “It was disappointing that solutions to the housing and homelessness crisis were not achieved, but hopefully this will be addressed in the balance of the legislative session. Of greatest concern is that those crafting the budget did not seriously consider what reforms and spending reductions will be required if state tax revenues fall as a result of economic conditions or continued out-migration of taxpayers. Consideration of how the state will respond to a potential fiscal crisis should be a focus of policy discussions between business, organized labor, and government in the coming months.”