While 421-a Affordable New York has expired, talks on the future of the city’s largest tax expenditure continue. IBO examined how many affordable units it created since its start through June 2021, what incomes they serve, and how many received other subsidies.
On October 1, 2018, New York state "raised the age" of criminal responsibility, changing the way that the justice system handles 16- and 17-year olds who have been arrested. This new sets of laws, policies, and procedures has resulted in fewer young people facing adult prosecution.
REPORT: The Governor contends that localities have allowed Medicaid spending to spiral because the state enacted a cap in 2012 that spared them from having to share in the increasing costs. His Executive Budget proposes to counter this.
For the first time since 2007, Moody’s Investors Service has upgraded the City of New York’s General Obligation Bond credit rating. The rating was upgraded from Aa2 to Aa1, their second highest rating and equivalent to New York State’s Aa1 rating.