With the Governor's recent proposal, the now lapsed 421-a tax break for housing is again a major focus of the public policy agenda. Despite the fact that 421-a costs the city a considerable amount in foregone tax dollars--$1.4 billion this fiscal year due to prior commitments--there has been little research examining the tax break's effect on housing prices and whether the tax benefit efficiently fosters housing development, the 421-a program's primary goal. We explore these questions in regard to condos receiving 421-a benefits.
Unlike many of the other major de Blasio Administration initiatives, there has been relatively little focus on ThriveNYC, which aims to greatly expand access to behavioral health services in the city. We detail the resources being committed to the 54 programs under the ThriveNYC umbrella
IBO presents its annual fiscal outlook report, featuring our latest local economic forecast along with our estimates of revenue and spending under the financial plan released by the Mayor last month.
The Mayor’s latest budget plan adds $23 million over the years 2020-2023 for his LeadFreeNYC initiative, and brings the total amount of funds budgeted for the program to $39 million. But that still leaves the program’s funding well short of the original commitment.
The city has committed more than $4 billion over 10 years that can be used to meet the terms of the settlement with federal officials for repairs at public housing developments across the city. Yet the full cost of the settlement is unclear, and may require additional city funds.
The Governor’s budget proposes that New York City—and just New York City—pay 10 percent of annual Family Assistance costs, a program that has been funded completely with federal dollars in the past.
In a 2015 plea agreement, BNP Paribas bank paid $8.9 billion in criminal penalties, including nearly $900 million to the city. Much of those funds remain unused.
Foundation Aid is the largest form of state support for the city’s schools. The budget proposals from the Governor and the Legislature remain far apart, not just in dollar amount but in how some of the funding can be used.
Under the Mayor’s plan, the budget for summer jobs for youth would increase by more than $30 million, but the number of slots for participants would fall.
The fiscal condition of the city’s public hospitals may be looking better than in the recent past, but a prognosis of modest shortfalls remains for the years ahead.
As an advisory commission appointed by the Mayor and Council Speaker looks at ways to reform the city’s property tax system, we consider an idea suggested by a number of policy- and opinion-makers: reducing the percentage of a home’s market value that is subject to the property tax.
We’ve updated and reformulated our compendium of ways the city can raise money or cut spending. Budget Options for New York City is now designed as a web-based publication. This enables us to update budget options or add new ones as circumstances change or new information becomes available.
This document provides a comprehensive description of the portion of the New York City waste stream managed by the city’s Department of Sanitation (DOS). It is intended as a reference document. Actual FY1992-2000 data are provided, as well as projections from DOS for fys 2000-02
This document provides an update to IBO’s February 2001 Background Paper entitled “Overview of the Waste Stream Managed by the NYC Department of Sanitation.” Here, we present a condensed survey of the same data for fiscal years 2000-2004.