New York City economy

The Economic Situation of New York City’s Low- and Moderate-Income Households

May 2, 2008. Testimony presented by chief economist James Parrott to the Rent Guidelines Board: a picture of a shallow recovery, high housing cost burdens and a shrinking middle class – plus a local economy in recession.… (read more)

How Will the Economic Downturn Affect New York City’s Nonprofit Sector?

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 presentations … (read more)

City Could Raise Revenues and Level Playing Field for Business

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.… (read more)

The Cost of Affordable Housing Construction in New York City

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 >> (read more)

Could Wall Street’s Woes Be Good for New York?

December 18, 2007. An article by James Parrott, FPI’s deputy director and chief economist, who writes regularly for Gotham Gazette’s Economy section. Article >>(read more)

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)

Neighborhoods and the Fiscal Boom

August 7, 2007. An article by James Parrott, FPI’s deputy director and chief economist, who writes regularly for Gotham Gazette’s Economy section. Article >>(read more)

Income Numbers Show a Changing City

June 21, 2007. An article by James Parrott, who writes monthly for Gotham Gazette’s Economy section. Article >>(read more)

Behind the Low Unemployment Rate

May 15, 2007. An article by James Parrott, FPI’s deputy director and chief economist. This column inaugurates the Gotham Gazette’s new feature on the Economy. Article >>(read more)

Jittery Wall Street, Calm City?

April 16, 2007. An article by James Parrott, FPI’s deputy director and chief economist, in the Gotham Gazette. Article >>(read more)