New York City economy

Brief- Ranked Choice Voting: Saving Money While Improving Elections

Ranked Choice Voting: Saving Money While Improving Elections

June 28, 2018. The New York City Charter Review Commission is currently reviewing several proposals for changes to the charter. The proposal for ranked choice voting, also known as instant runoff voting, has garnered a good deal of enthusiasm around the city, but some questions have been raised about what the cost of such a system might be. The Fiscal Policy Institute examined this question, and our conclusion is that there would … (read more)

Op-Ed: Don’t Jump After Janus: Why Public Workers Should Stick With Their Unions

June 28, 2018. The following op-ed about the Supreme Court ruling on Janus vs. AFSCME written by FPI’s senior economist, Brent Kramer; deputy director, David Kallick; and chief economist, Jonas Shaende, was featured in the NY Daily News. 

The recent Supreme Court ruling in Janus vs. AFSCME poses a real threat to public sector unions. Traditionally, in New York — as in many other states — everyone covered by a union contract was required to pay either dues or an … (read more)

New York State Economic and Fiscal Outlook FY 2019

February 15, 2018. In its 28th annual New York State budget briefing book, the Fiscal Policy Institute analyzes and comments on Governor Andrew Cuomo’s FY 2019 Executive Budget.

The Trump Administration’s tax law, looming federal budget cuts, multi-billion-dollar state budget deficits, glaring unmet human and physical infrastructure needs throughout the state…this year’s New York State budget negotiations are taking shape against a worrisome and uncertain backdrop. The president and congress are threatening to dismantle decades-old federal entitlement programs, make … (read more)

March 2017 NYC Budget Presentation

In his briefing on Mayor deBlasio’s Preliminary FY 2018 NYC Budget, James Parrott highlights the following:

Cautious in face of an uncertain Washington: Federal aid is 1/3 of State budget (which is 18% of City budget); 8-10 % of City budget; 64% of NYCHA budget; and nearly half of the Health and Hospitals budget.

State budget better this year, but still challenges: Governor proposed to extend millionaires tax, but it should be enhanced; threat to CFE-settlement determined school aid; handful … (read more)

New York State Economic and Fiscal Outlook FY 2018

February 7, 2017. In its 27th annual New York State budget briefing book, the Fiscal Policy Institute analyzes and comments on Governor Andrew Cuomo’s FY 2018 Executive Budget.

This year’s New York State budget negotiations take shape against a worrisome backdrop. The president and congress are threatening to dismantle the Affordable Care Act, make drastic cuts to programs that help millions of New Yorkers, and create a hostile environment for the states four million immigrants. The state has an … (read more)

New York City’s Recovery Finally Starts Generating Wage Gains

April 13, 2015. In this report, FPI’s analysis shows that New York City’s recovery is finally starting to generate wage gains.

After years of wage and family income declines since the 2008-09 recession, several signs are emerging of real wage growth in New York City. The three major current government economic data sets all point to fairly widespread and firmly-established wage growth beginning in 2014.

  • Bureau of Labor Statistics (BLS) average private hourly earnings data show a 2.7 percent
(read more)

Wage Standards are Key to Reversing the Erosion of Wages and Living Standards in New York City

December 16, 2014. Despite considerable growth in the New York City economy over the past two decades, very little of that growth has trickled down to the average worker and his or her family, according to our new report. Wage standards like the minimum wage and the living wage are critical in ensuring that there is a floor under the job market and that workers are adequately paid. Prevailing wage standards, however, are a key means to ensure that … (read more)

Briefing on Mayor deBlasio’s Preliminary FY 2015 NYC Budget: Initial Progressive Steps, More to Come

March 11, 2014. In his review of NYC Mayor Bill deBlasio’s first budget, FPI’s James Parrott notes the new mayor’s progressive change in direction compared to prior City budgets. Not surprisingly, the major new initiative included in the Preliminary FY 2015 budget is full funding for the UPK/afterschool proposal scheduled for launch in the fall of 2014.

The briefing summarizes trends in state and federal aid, and analyzes projections for tax revenue growth. Parrott describes the municipal labor contract situation … (read more)

The Taxpayer Costs of Low-Wage Fast Food Jobs in New York State

October 16, 2013. Fast food jobs are by far the biggest source of job growth in New York State and New York City in this recovery and over the past decade. But, with a median hourly pay of only $8.90 an hour in NYC, this growth in fast food jobs is one of the reasons that poverty has risen sharply during the recovery.

NYC has a record number of working poor—one out of every 10 workers in NYC works, … (read more)

State of Working New York 2013: Workers Are Paying a High Price for Persistent Unemployment

August 28, 2013. New York workers are paying a high price for persistent unemployment four years into the weakest recovery since the Great Depression, according to the Fiscal Policy Institute’s (FPI) 2013 edition of The State of Working New York. The report notes that in addition to lost job opportunities and health benefits, New York workers are suffering from prolonged periods of joblessness, and high rates of underemployment (or “hidden unemployment”), reflecting more discouraged workers who have given up … (read more)