Today’s City and State speaks with New York City and state comptrollers and noted economists on how New York will manage the financial fallout from the global pandemic crisis.
The coronavirus crisis has many wondering how bad the economy will get. In New York, state officials warn that the budget gap may balloon to $15 billion, and could get even worse in coming months. In New York City, Mayor Bill de Blasio has taken the unusual step of calling for $1.3 billion in agencywide cuts.
– City & State March 29, 2020 The coronavirus created a fiscal crisis. How should New York handle it?
The financial consequences of this crisis are severe. But it doesn’t take an economist to understand that expanded prevailing wage does not belong in this budget. Raising the cost of construction of private projects 30 percent is no way to respond to a financial crisis. And neither is it time to put tens of thousands of New York City resident workers out of work. Below are the findings from job site turnstile data that show who works on open / merit shop construction sites.