Research

Skyrocketing state and local employee pension costs have been a major factor in the fiscal crisis affecting every level of government in New York State. Taxpayer financed public pension contributions have soared by more than $2.3 billion dollars over the past two years—and are projected to rise even more in 2004. In New York City alone, the rise in pension costs will consume every dollar raised by Mayor Bloomberg’s record property tax increase. Read More

The unexpected surge in the third-quarter GDP is wonderful news for the national economy, all right. But don't read too much into it - yet - as far as New York State and City are concerned. Read More

The cost of living in New York City is 240 percent of the national average, according to one recent estimate. That's not just the highest in the country. It's nearly twice as high as the next most expensive metro areas (Boston and Washington, D.C, in that order). Read More

Despite the rebound on Wall Street, New York City's fiscal problems are far from over. Even after two years of belt-tightening, city spending continues to grow at twice the rate of inflation. With unions stonewalling requests for contract concessions a city budget gap of $2 billion to $3 billion looms in the year ahead. In short, recent talk in City Hall of rolling back tax hikes was just that--talk. Read More

Under cover of the summer doldrums, Mayor Bloomberg's budget staff is feverishly putting the finishing touches on one of the biggest bonding boondoggles in New York State's history. Read More

Michael Bloomberg's first year as mayor of New York City produced decidedly mixed results, measured against the long-term statistical trends. Read More

After a winter and spring filled with budgetary "doomsday" talk in City Hall, New York's latest fiscal crisis has been interrupted by an eerie, eye-of-the-storm calm. In the space of two months, Mayor Bloomberg's demands for union concessions and program cuts gave way to unilateral budget restorations and celebratory photo ops with City Council leaders. Read More

Despite a continuing economic slump and the most serious municipal fiscal crisis in a quarter-century, the New York City budget is growing at nearly twice the inflation rate. Read More

If you earn enough to be affected by New York’s state and city income tax hikes but believe you will escape the brunt of the increases — that they will fall most heavily on the ultra-rich — think again. Read More

Many New Yorkers who may consider themselves middle class will be paying higher effective marginal rates than billionaires under the "temporary" state and city income tax hikes recently approved by the State Legislature. Read More

New York City’s latest personal income and sales tax increases will result in the loss of an additional 18,250 private sector jobs in the city, and will raise $70 million less than expected, according to the Manhattan Institute’s NYC-STAMP tax model. Read More

Conventional wisdom in public-finance circles for many years encouraged state governments to increase their reliance on personal income taxes. After all, the academic experts would point out, personal income is less volatile than corporate profits and tends to grow faster than retail sales. Read More