Recent Work
Governor Hochul Commits $106 Million to Fighting Hunger During Federal Shutdown
With the federal shutdown entering its thirtieth day, it is now expected that federal funding for SNAP benefits (food stamps) will run out at the end of October. This morning, Governor Hochul announced an additional $65 million in funding for charitable food assistance, bringing overall state funding for emergency food assistance to $106 million. We commend the governor for her efforts to keep New Yorkers fed while the federal government gambles with human lives. The best way to ensure that the forty-two million Americans—including three million New Yorkers—relying on SNAP receive their benefits would be for Republicans [...]
Failure to fund SNAP benefits will remove $640 million from state economy
With the federal shutdown entering its 28th day, it is now expected that federal funding for SNAP benefits (food stamps) will run out by the end of October. The 3 million New Yorkers — including 1 million children — who rely on SNAP for food security will collectively lose the $640 million per month that they receive in benefits, triggering an immediate hunger crisis throughout the state. What’s more, 16,000 retailers that serve SNAP recipients will also lose out on $640 million in aggregate monthly revenue, a huge loss that could put strain on the businesses. Governor Hochul has [...]
Governor Hochul Must Call an Emergency Session to Address Trump’s Hunger Crisis
With the federal shutdown entering its 24th day, it is now expected that federal funding for SNAP benefits (food stamps) will run out by the end of October. The 3 million New Yorkers (including 1 million children) who rely on SNAP for food security will collectively lose the $700 million per month that they receive in benefits, triggering an immediate hunger crisis throughout the state. This morning, Governor Hochul proposed a meager $11 million plan to support food banks statewide in order to mitigate the effects of this funding loss—but this commitment pales in comparison to the $700 million per [...]
Congress Must Act to Protect the Essential Plan
Over 100 organizations signed a letter calling on Congress to protect the essential plan, which provides health insurance to 1.6 million New Yorkers.
FPI Testifies to the Rent Guidelines Board
Rent Guidelines Board votes to lower range of possible rent increases for 2-year leases Download the Slides Watch the Testimony Last Thursday, FPI’s Chief Economist, Emily Eisner, testified to the Rent Guidelines Board (RGB) of New York City, at the invitation of one of the Board’s Tenant members, Adán Soltren. Dr. Eisner's testimony made the case that current economic conditions and uncertainty regarding federal housing and safety-net policy demand that the RGB prioritize tenants’ need for low and stable rent. Dr. Eisner presented an overarching framework [...]
Budget Breakdown: Fiscal Year 2026 Enacted Budget
The Enacted Budget, while it contains few significant new policy initiatives, allows state spending to recover some of the lost ground from a decade of austerity policies in the 2010s. The most important policy measure in the budget is a long overdue increase in unemployment insurance benefits that will better prepare the State economy for a possible recession (discussed in detail below). The bad news is that the Enacted Budget contains serious fiscal errors, including permanent tax cuts and one-time payments that will cost $3 billion in fiscal year 2026 alone.
FPI’s Fiscal Year 2026 Enacted Budget Briefing
FPI presented a briefing on the New York State budget for fiscal year 2026.
State Ends Year with $6 Billion over Projections
New York State’s fiscal year 2025 ended on March 31 with good news for the State’s coffers: Total receipts for the year came in $6.0 billion higher than forecast as of January 2025, and a full $12.3 billion higher than forecast at the beginning of the fiscal year in May 2024. As we enter the final stage of budget negotiations, this additional revenue will allow the State to prepare for federal funding cuts by investing in the MTA, childcare, NYCHA, and other critical services and infrastructure.
Annual Briefing on the Executive Budget
FPI released its annual report on the Executive Budget for Fiscal Year 2026
FPI’s First Look at the Executive Budget
Video of FPI's first look at the fiscal year 2026 executive budget
The Economic and Fiscal Impacts of Mass Deportation
New York’s economy depends on immigrants, including those without documentation. Deportation of these workers would dramatically decrease affordability and availability of food, homes, and care—all basic needs for New Yorkers.
Statement on Fiscal Year 2026 Executive Budget
Governor Hochul today released her executive budget for fiscal year 2026, which reflects an overdue recognition of the State’s strong fiscal position and capacity for making new public investments in order to ease cost of living pressures for working New Yorkers.
Statement on 2025 State of the State
The governor's policy agenda lacks a strategy for structural reforms to lower the cost of living
Statement on Climate Change Superfund Act
The Superfund is a fiscally sound mechanism for upgrading our statewide infrastructure in the face of urgent climate challenges, and FPI commends the governor and legislature for successfully working together to enact it.
Statement on First Quarterly Update to FY 2025 Budget
The First Quarterly Update to the State’s financial plan indicates the State remains on strong fiscal footing, with modestly higher revenue than projected in the Enacted Budget financial plan and lower spending than expected. Measured as a share of total state personal income, State spending is set to fall, and is on par with its fiscal year 2016 level.