May 1, 2008. As public funds and private donations come under strain, and uncertainty clouds the horizon, New York’s nonprofits can respond not only by cutting costs, but also by presenting cogent facts about the impact of recession on society. Presented by chief economist James Parrott at 2008 Nonprofit Day: Proactive Responses to the Economic Downturn, for Manhattan, Bronx & Westchester. Sponsored by the Nonprofit Connection and Citi Foundation. Brochure. Presentation for Manhattan, Bronx & Westchester. Additional… (read more)
New York City economy
April 15, 2008. FPI examines the business tax treatment of “carried interest” earned by private equity fund and hedge fund managers, and finds that closing the carried interest loophole could raise $160-$225 million in new revenue for New York City – while leveling the playing field for New York businesses. Press release, full report.
February 14, 2008. Testimony presented by FPI chief economist James Parrott to the Assembly Committee on Housing. Significant fiscal costs arise from the rampant practice in affordable housing construction of illegally misclassifying workers as independent contractors or off the books. Also, paying prevailing wage can actually decrease costs, by attracting more productive workers. Testimony >>
Building Up New York, Tearing Down Job Quality: Taxpayer Impact of Worsening Employment Practices in the New York City Construction Industry
December 5, 2007. In this report FPI finds that construction of affordable housing in NYC is tainted by sub-standard jobs. There is a huge underground economy with rampant employment abuse and tax non-compliance. Workers, taxpayers and honest employers pay the price – $489 million in 2005 and are likely to reach $557 million in 2008 – as construction employment practices deteriorate in New York City. And 50,000 construction workers (one in four) are employed off the books or as so-called… (read more)
April 16, 2007. An article by James Parrott, FPI’s deputy director and chief economist, in the Gotham Gazette. Article >>
April 15, 2007. This examination of the affordable housing construction industry reveals evidence of a huge underground economy in which thousands of workers are paid off the books or misclassified as independent contractors. The results include widespread employer evasion of payroll taxes and social insurance premiums, and the undercutting of wage and benefit standards.
- Press release
- A series of stories in the Daily News describing the human side of FPI’s report, starting with Danger and ripoffs are on