Economic Trends & Policy

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 [...]

2025-05-28T09:46:01-04:00May 28th, 2025|Economic Trends & Policy, Housing, Testimony|
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Has New York Already Entered Stagflation?

Stagflation is the deadly combination of low growth and high inflation. With the implementation of sweeping and high tariffs by the federal government, most economists and forecasters currently predict something resembling “stagflation” on the Unites States’ economic horizon. But New York may have already entered a period of stagflation: New York’s economy has recovered the jobs lost during the Covid-19 pandemic, but lags the economic growth seen in the rest of the country.

2025-05-05T22:52:51-04:00May 6th, 2025|Economic Trends & Policy, Featured on Home|
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Who is Leaving New York State? Part II: Social Characteristics

The Fiscal Policy Institute today released a new report in its state migration series, "Who Is Leaving New York State? Social and Labor Characteristics", which finds that affordability — and in particular housing and the cost of raising a family — are increasingly driving State population loss.

2024-12-19T23:49:43-05:00June 3rd, 2024|Featured on Home, Migration, Must Read, Press Releases, Reports, Briefs and Presentations|
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Debunking Common Misconceptions about the Size of the State Budget

Under the fiscal year 2025 executive budget, inflation-adjusted state funding would fall for a third consecutive year. While State spending rose in response to Covid, it will return to its pre-Covid trend by fiscal year 2025.

2024-12-26T17:13:43-05:00March 29th, 2024|Blog, Economic Outlook, Economic Trends & Policy, Featured on Home, Policy & Research, Reports, Briefs and Presentations, State Budget, Tax & Budget|
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State Economic Update: Economy Recovers While Inequality Rises

Despite New York’s aggregate economic strength, the state faces real economic challenges. First, the Covid-19 pandemic induced a sustained decrease in total employment in the State relative to the rest of the country — in other words, while the rest of the United States has recovered and surpassed pre-pandemic employment, New York remains over 100,000 jobs below its pre-pandemic level as of the end of 2023. Second, poverty rates, which reached a 30-year low in 2020, have been climbing since the pandemic — a sign that New York faces real challenges in meeting the needs of its population. And third, New York’s income inequality remains amongst the highest in the country.

, 2024-12-19T09:21:23-05:00January 15th, 2024|Economic Outlook|
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Who is Leaving New York State? Part I: Income Trends

A groundbreaking new report from the Fiscal Policy Institute, “Who Is Leaving New York State? Income Trends” reveals for the first time that the richest New Yorkers are far less likely to move out of New York than working and middle-class New Yorkers in normal, non-Covid years. While this pattern temporarily changed during Covid, when all households earning over $170,000 significantly increased their likelihood of moving out of state, migration trends reverted to normal in 2022.

2024-12-20T00:05:54-05:00December 5th, 2023|Migration, Must Read, Press Releases, State Budget, Tax Policy|
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Latest Census Data Confirms New York Losing Residents to Neighboring States with Lower Housing Costs

New Census data revealed that New York State lost a net total of 244,100 people in 2022. The latest Census data, which details state-to-state migration patterns, confirms the Fiscal Policy Institute's prior findings: New Yorkers are primarily moving to neighboring states with a lower cost of living, and in particular, lower housing costs. Meanwhile, less than half of New Yorkers are leaving for low tax states. This data confirms State fiscal policy should focus on turning New York into a place where people can afford to live and raise families — from investing in universal childcare and high-quality public education to affordable housing and reliable public transit. Conversely, budget cuts or underfunding will only hinder New York's economic recovery. Increasingly unaffordable housing and childcare, combined with shrinking state services, will continue to drive both individuals and businesses out of our state.

2024-12-19T09:19:59-05:00October 20th, 2023|Migration, Press Releases, Tax Policy|
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Workforce Report: Labor Shortage Mitigation in New York’s Home Care Sector

New York State has been reported to be one of the states most at risk of incurring a shortage of healthcare workers over the next decade. With a quickly growing population of adults over the age of 65 (“older adults”) and a movement towards “aging in place,” the demand for home care workers will rise dramatically over the next decade.

2025-01-23T14:58:44-05:00March 29th, 2023|Healthcare, Labor Market & Workforce, Must Read|
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