Lander presents grim forecast for NYC’s financial recovery
Recovery remains incomplete, uneven
On Tuesday, New York City Comptroller Brad Lander, a former Brooklyn councilmember, spoke during his first meeting of the New York Financial Control Board.
The meeting was also attended by Gov. Kathy Hochul, Mayor Eric Adams, State Comptroller Thomas DiNapoli and the private members of the Financial Control Board: Bill Thompson, Rossana Rosado and Steve Cohen.
“As you are all well aware,” said Lander, “we are currently facing a period of significant economic uncertainty and mixed signals. Fiscal Year 2022 was a year of robust economic recovery in New York City. Private sector payrolls increased by 300,000 and they were back to 96 percent of pre-pandemic levels, and the unemployment rate dropped by 4.6 percentage points.
“Tourism made a strong comeback. We saw a record number of new business applications. The city’s tax revenues reached a new peak. It is a testament to the strength of federal fiscal and monetary policy interventions and to the city’s economic resiliency that tax revenues continued to grow throughout the pandemic.”