The elderly share of America's population has been growing—but New York is graying more slowly. That’s among the trends to be gleaned from the latest U.S. Census estimates of population distributions by age group at the state and county level. [Read_more]
New York City's World War II-rooted "housing emergency" is now officially indefinite—and has spread, potentially, to every corner of New York State.
But the potential negative impacts of the law won't be limited to the Big Apple. The law is likely to have a chilling effect on prospects for multifamily investment and development in struggling communities across New York—especially upstate. [Read_more]
Many of the faces have changed, and so has the majority party, but the state Senate is more united than ever in its willingness to weaken disciplinary procedures for cops and firefighters accused of wrongdoing. [Read_more]
New York’s AFL-CIO has issued a statement blasting the “misinformation campaign” by business groups fighting organized labor’s push to impose union pay levels on private developments receiving public subsidies.
There is, indeed, plenty of misinformation wafting around this issue—but virtually all of it originated in the union camp. [Read_more]
This year marks the 90th anniversary of New York State’s first Executive Budget, presented by Governor Franklin D. Roosevelt in January 1929. Constitutional amendments establishing the Executive Budget process had been approved by New York voters in November 1927, capping a more than decade-long bipartisan effort to bring order to what had been a shambolic and fiscally profligate legislative budget process. [Read_more]
New York's spending on elementary and secondary education reached a record $23,091 per pupil in 2017, once again topping all other states in this category, according to the latest U.S. Census data. [Read_more]
New York's Common Retirement Fund (CRF) fell nearly two percentage points short of its investment earnings target last year—and the state's other major public pension funds are on the same sub-par track. [Read_more]
In what's become an annual tradition, New York state lawmakers have re-introduced bills designed to prohibit or restrict changes to expensive continuing health insurance coverage for current and future government retirees—which would effectively lock in a growing unfunded liability of more than a quarter trillion dollars for taxpayers across the state. [Read_more]
By midnight Monday, more than 9 million New Yorkers will have filed their income tax returns for 2018. And most will then have cause to wonder what the Great New York SALT Panic of 2018 was all about. [Read_more]
New York’s new budget — the actual state-government expenditure plan, that is, as opposed to numerous side issues packaged with it — apparently came in close to Gov. Andrew Cuomo’s bottom line. [Read_more]
With the Legislature getting ready to pass a budget for the fiscal year starting April 1, some fresh data and analysis emerging from the world outside Albany in the past week or so has raised new questions about the durability of the state's revenue base. [Read_more]
Few public policies carry a more misleading moniker than New York’s “prevailing wage” law for public works projects — a job-destroying cost-escalator that Gov. Andrew M. Cuomo and the State Legislature may be on the verge of expanding as part of their impending state budget deal. [Read_more]
Over the past seven years, New York’s cap on local property tax levies has generated billions of dollars in savings for homeowners and businesses, compared to previous trends. The cap has been especially effective in restraining school property taxes, which have long been the largest and fastest-growing component of New York’s tax burden. [Read_more]
With the clock ticking toward the April 1 start of the next state fiscal year, Assembly Democrats just laid out their budget preferences—and, as usual, they add up to a massive tax-and-spend fantasy. [Read_more]
Newly revised data from the state Labor Department indicate New York's regional economic performance gap has grown larger in the last year.
On a year-to-year basis, the state gained 103,900 private-sector jobs in January—a growth rate of 1.3 percent at a time when the U.S. as a whole was growing by 2.1 percent, according to the state Labor Department's monthly jobs report. [Read_more]
As the budget process moves into higher gear, Governor Cuomo's "serious as a heart attack" revenue shortfall has turned into something more like angina—but financial risks are mounting along with projected future budget gaps. [Read_more]
Barely one in five private construction workers in New York State was covered by a union contract last year, according to newly released statistics that call into question a state public works "prevailing wage" mandate that assumes 30 percent union coverage of building trades occupations across New York. [Read_more]
The collapse of New York's effort to lure Amazon's "second headquarters" to Queens with more than $3 billion in city and state incentives sheds fresh light on a bigger, ongoing corporate subsidy—New York State's Film and TV Production Credit. [Read_more]
Gov. Andrew Cuomo has spent most of the past two weeks pointing fingers: first at President Trump, whose tax law he blames for a sudden decline in New York’s revenues, and then at state Senate Democrats, whom he holds responsible for the Amazon fiasco.
But the blame game will carry Cuomo only so far. In New York state’s executive budget system, the bucks stop with the governor. And, politically, this year’s budget process will be his most challenging yet, testing both his ability to manage legislative relations and his commitment to financial restraint. [Read_more]
Governor Cuomo’s Executive Budget for fiscal year 2020 includes a short list of state revenue actions. By far the most significant tax proposal on the list would extend, for five years, the temporary added personal income tax (PIT) rate also known as the “millionaire tax.” [Read_more]
Governor Cuomo has announced he's flying to Washington on Tuesday to meet with President Trump to discuss the impact on New York of the state and local tax (SALT) deduction cap in the new federal tax law.
Spoiler Alert: even assuming Trump is uncharacteristically thick-skinned in the face of Cuomo's harsh unrelenting political attacks, the SALT cap isn't going anywhere. [Read_more]
The New York State Teachers Retirement System (NYSTRS) will cut its employer pension rate by nearly two percentage points for 2019-20, reducing net costs to school districts by nearly $300 million. [Read_more]
Disentangled from his rambling and often hyper-partisan State of the State Address, the fiscal basics of Gov. Andrew Cuomo’s proposed state budget largely amount to more of the same policies he has pursued in the past — for better and worse. [Read_more]
Disentangled from the politically turbocharged, high-volume rhetoric of his State of the State message, the first Executive Budget of Governor Andrew Cuomo's third term is largely a stay-the-course affair—for better and worse. [Read_more]