Tax & Budget

FPI Testimony on “City of Yes”

My name is Emily Eisner, and I am an Economist working with the Fiscal Policy Institute. I am testifying in support of the “City of Yes” plan. The City must pass the zoning reforms included in City of Yes, and, in addition, the City must increase investment in housing affordability through expanded fiscal measures. These two sets of policies — zoning reform to allow for increased supply, and fiscal support for housing affordability — work together.

2024-12-26T16:42:25-05:00October 22nd, 2024|City Budget, Housing, Social Policy|

Fact Sheet: Climate Change Superfund Act

Last month, both the Senate and Assembly of the New York State legislature passed the Climate Change Superfund Act (S.02129). The Act, first introduced during the FY 2022 budget cycle, would require the largest fossil fuel companies to pay a total of $75 billion — to be paid over 25 years in $3 billion annual increments — to New York State.

2025-04-15T14:08:47-04:00July 24th, 2024|Climate, Fact Sheets, Social Policy, Tax & Budget, Tax Policy|

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.

Enacted Budget Financial Plan Shows Healthy Fiscal Outlook

The fiscal year 2025 enacted budget totals $237 billion, an inflation-adjusted decline of 0.4 percent from fiscal year’s 2024 total budget. In non-inflation-adjusted terms (nominal dollars) this represents an increase from fiscal year 2024’s total budget of $231.6 billion.

Fact Sheet on Proposed Housing Deal

The housing deal currently under consideration in budget negotiations (as publicly reported) would create new tax incentives for affordable housing developers, weaken certain tenant protections passed in 2019, and impose a watered-down version of “Good Cause Eviction” with significant exemptions and loopholes.

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.

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