Press Releases

One-House Budgets Wisely Raise Taxes On Wealthiest New Yorkers — But Only Temporarily

In light of New York’s affordability crisis and the need for deeper State investments to lower the cost of living, the one-house budgets wisely invest in affordable housing, healthcare, and higher education. Additionally, the legislature sensibly rejects the Governor’s proposed cuts to public schools and home care worker wages.

2024-04-08T12:44:45-04:00March 12th, 2024|Featured on Home, Press Releases|

FPI: Mayor’s Continued Budget Cuts Are Unwarranted and Fiscally Irresponsible

FOR IMMEDIATE RELEASE: January 16, 2024 Media Contact: press@fiscalpolicy.org June Cash Receipts Continue to Stabilize Following April Volatility "Improving tax receipts and new State aid, combined with lower asylum seeker costs and the customary use of annual reserves, are more than sufficient to balance next year’s budget" ALBANY, NY | January 16, 2024 — In response to the New York City Preliminary Budget for Fiscal Year 2025, Fiscal Policy Institute Director Nathan Gusdorf released [...]

FPI: Modest Budget Lacks Deep Investments Needed to Reverse Affordability Crisis & Stem Population Loss

FOR IMMEDIATE RELEASE: January 16, 2024 Media Contact: press@fiscalpolicy.org June Cash Receipts Continue to Stabilize Following April Volatility "Given recent inflation and economic growth, state spending is shrinking slightly relative to the size of the overall state economy" ALBANY, NY | In response to the New York State Executive Budget for Fiscal Year 2025, Fiscal Policy Institute Director Nathan Gusdorf released the following statement: “After months of overly pessimistic revenue projections, the Executive Budget [...]

2024-01-16T13:20:50-05:00January 16th, 2024|FPI in the News, Press Releases, State Budget|

FPI on State of the State: NY’s Long-term Economic Competitiveness Depends on Deepening Investments that Sustain Workforce

FOR IMMEDIATE RELEASE: January 9, 2024 Media Contact: press@fiscalpolicy.org June Cash Receipts Continue to Stabilize Following April Volatility New York’s current fiscal indicators are stable & show State could significantly increase public investment Current $4.3 billion FY25 budget gap falls within routine range that resolve without major policy intervention ALBANY, NY | In response to Governor Hochul's State of the State, Fiscal Policy Institute Director Nathan Gusdorf released the following [...]

2024-01-09T14:20:27-05:00January 9th, 2024|Press Releases, State Budget|

Latest Census Data, Combined with FPI Analysis, Reveal New York Losing Working and Middle Class

June Cash Receipts Continue to Stabilize Following April Volatility “In light of population loss, State should make deep investments in the services and programs that keep New Yorkers here” FOR IMMEDIATE RELEASE: December 19, 2023Media Contact: press@fiscalpolicy.org ALBANY, NY | In response to the U.S. Census Bureau’s release of the Vintage 2023 Population Estimates today, Fiscal Policy Institute Senior Policy Analyst Andrew Perry released the following statement: "The latest Census data should serve as a red flag [...]

2024-04-08T13:41:23-04:00December 19th, 2023|Migration, Press Releases|

November State Receipts Exceed Projections for Sixth Month Straight

FOR IMMEDIATE RELEASE: December 19, 2023 Media Contact: press@fiscalpolicy.org June Cash Receipts Continue to Stabilize Following April Volatility November receipts 10.7% above latest projections and 9% above November 2022 receipts ALBANY, NY | The State Comptroller released its November Cash Report Friday, showing that November receipts came in over projections and over November 2022 receipts: November 2023 receipts: $7.59 billion November 2023 projections: Enacted (June): $7.06 billion Mid-Year Update (October): $6.86 billion November 2022 receipts: [...]

2023-12-19T09:26:12-05:00December 19th, 2023|Financial Plans & Cash Reports, Press Releases|

High Earners Move Out Of New York Less Often Than Working & Middle Class And Do Not Move In Response To Tax Hikes

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.

2024-04-08T13:45:21-04:00December 5th, 2023|Migration, Must Read, Press Releases, State Budget, Tax Policy|

October Cash Receipts Remain Stable More Than Halfway Through Fiscal Year

FOR IMMEDIATE RELEASE: November 16, 2023 Media Contact: press@fiscalpolicy.org June Cash Receipts Continue to Stabilize Following April Volatility October receipts 5.6% above latest projections and 7.5% above October 2022 receipts ALBANY, NY | November 16, 2023 — The State Comptroller released its October Cash Report today, showing that October receipts came in over projections and over October 2022 receipts. October 2023 receipts: $5.85 billion October 2023 projections: Enacted: $5.43 billion Mid-year: $5.54 billion October [...]

State Fiscal Outlook Improves in Mid-Year Update to Financial Plan

FOR IMMEDIATE RELEASE: October 31, 2023 Media Contact: press@fiscalpolicy.org June Cash Receipts Continue to Stabilize Following April Volatility As FPI projected earlier this month, Financial Plan update reduces projected FY 2025 budget gap by over 50 percent If current revenue trends continue, next fiscal year's projected budget gap would further narrow ALBANY, NY | October 31, 2023 — Following the release of the Mid-Year Update to the Fiscal Year 2024 Financial Plan this week, [...]

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.

2023-10-21T15:14:47-04:00October 20th, 2023|Migration, Press Releases, Tax Policy|

FPI: Recent Investment Firm Relocations Unlikely to Result in State Tax Loss

FOR IMMEDIATE RELEASE: August 23, 2023 Media Contact: press@fiscalpolicy.org FPI: Recent Investment Firm Relocations Unlikely to Result in State Tax Loss “These business decisions are unlikely to have a noticeable effect on the state’s tax revenues” ALBANY, NY — Fiscal Policy Institute Executive Director Nathan Gusdorf today released the following statement: “A recent article stated that New York State lost ‘$1 trillion in assets’ due to a number of asset management firms moving their headquarters out [...]

2023-09-06T13:37:29-04:00August 23rd, 2023|Press Releases, State Budget|

July Cash Receipts Remain Steady for Third Straight Month

For Immediate Release: August 16, 2023 Media Contact: press@fiscalpolicy.org July Cash Receipts Remain Steady for Third Straight Month "Three months of strong tax receipts confirm State economy remains robust & align with improving economic forecasts" ALBANY, NY | August 16, 2023 — The State Comptroller released its July Cash Report today, showing that July tax receipts came in over projections and over July 2022 levels: July 2023 receipts: $7.75 billion July 2023 projections: $6.87 [...]

2023-09-06T13:41:36-04:00August 16th, 2023|Financial Plans & Cash Reports, Press Releases|
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