Economic development policies

Also see the work of Good Jobs New York, a joint project of the Fiscal Policy Institute and Good Jobs First.

The Growing Budget Burden of New York’s Business Tax Expenditures

December 7, 2010. Over $8 billion a year goes to “back door” spending in the name of job creation. This new report from FPI identifies $5.4 billion a year in state government “back door” spending in the name of economic development and job creation. An additional $2.8 billion a year is being drained from New York’s local government budgets because of a variety of tax expenditures in state law. In these tough budget times, these billions of dollars in business … (read more)

Background on the Economists Selected by the New York City Economic Development Corporation for Its Living Wage Study

October 27, 2010. City policymakers deserve the benefit of a rigorous study that looks at the actual costs and benefits of extending living wage standards to subsidized development projects. This brief looks at the track record of the lead economist, David Neumark, for the management consulting firm selected by the New York City Economic Development Corporation to conduct a study of the possible economic impact of wage requirements on projects subsidized by the City. The brief examines the extensive criticism … (read more)

An Overview of Job Quality and Discretionary Economic Development Subsidies in New York City

May 28, 2010. This brief from FPI together with Good Jobs New York and the National Employment Law Project examines the low wages typically paid for many of the permanent jobs at city-subsidized economic development projects such as Bronx Gateway Mall, Fresh Direct and Yankee Stadium.… (read more)

Prevailing Wage for Building Service Workers in Buildings Owned or Managed by Persons Receiving City Financial Assistance

May 11, 2010. Testimony presented by James Parrott before the New York City Council Committee on Finance.… (read more)

Oversight: The feasibility of requiring a unified economic development budget as a reporting requirement

April 27, 2010. Testimony presented by James Parrott before the New York City Council Committee on Economic Development.… (read more)

Testimony at the Joint Legislative Public Hearing on the 2010-2011 Executive Budget Proposal – Economic Development

February 1, 2010. Testimony presented by James Parrott, FPI’s Deputy Director and Chief Economist.… (read more)

An Innovator Takes a Fairly Conventional Approach

October 26, 2009. An article by James Parrott, FPI’s deputy director and chief economist, who writes regularly for Gotham Gazette’s Economy section. Article (read more)

Retail Wages in New York City

June 24, 2009. Testimony before the Bronx Community Board 7’s public hearing on the Kingsbridge Armory Project, presented by research associate Michele Mattingly. As New York City leaves behind an economic era characterized by a financial sector distorted by reckless speculation, it is imperative that we rebuild the city economy on the basis of good, family-supporting jobs that create and sustain the middle-class.… (read more)

Improving Industrial Development Agencies (IDAs)

March 4, 2009.  Testimony before the NYS Assembly Standing Committee on Local Governments Public Hearing on Industrial Development Agencies, submitted by FPI executive director Frank Mauro. There is room for improvement in six areas:

  • The usefulness of IDA hearings,
  • Reporting on costs and benefits of IDA-supported projects,
  • Ensuring that IDA benefits don’t go to firms that break environmental, safety or other state laws,
  • Coordination with all local governments affected by IDA decisions,
  • Transmission and recording of PILOT payments to
(read more)

Maximizing the Value and Use of State Assets

November 6, 2008. Testimony of James A. Parrott before the New York State Commission on State Asset Maximization. To fulfill the commission’s charge to “maximize the value and use of state assets,” the state should carefully consider in-house design and prevailing wage standards when setting up new projects. Also, economic development subsidies should include strict accountability standards; the state should not act as project investor without receiving in return an ownership stake for the taxpayers.… (read more)