New York City economy

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)

The Underground Economy in New York City’s Affordable Housing Construction Industry

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.

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More Than a Link in the Food Chain: A Study of the Citywide Economic Impact of Food Manufacturing in New York City

February 13, 2007.  In an effort to understand the impact of food manufacturing on other sectors in the NYC economy, the Mayor’s Office of Industrial and Manufacturing Businesses commissioned the New York Industrial Retention Network (NYIRN) to study the sector; NYIRN enlisted FPI to conduct the formal economic impact analysis. Report >>(read more)