“I have never seen this much anxiety and fear about money,” one financial counselor said. Source: New York Times
Posts published in “Budgets and Budgeting”
What the M.T.A.’s ‘Doomsday’ Cuts Would Actually Look Like
By Gotham Rex on November 25, 2020
The New York transit agency has threatened to slash subway and bus service by 40 percent if it doesn’t receive federal aid. What could really happen is a bit more complicated. Source: New York Times
Pandemic’s Fiscal Toll on New York City: 5 Takeaways
By Gotham Rex on November 24, 2020
The city is already facing a nearly $4 billion budget gap next year, as recovery efforts from the coronavirus are hampered by evidence of a second wave. Source: New York Times
Subway Service Could Be Cut 40% if No Federal Aid Arrives
By Gotham Rex on November 18, 2020
On Wednesday, transit officials announced some new details of proposed service cuts, including slashing weekend service and eliminating bus lines, to address its multibillion-dollar budget hole. Source: New York Times
Recreational Marijuana Legalized by New Jersey Voters
By Gotham Rex on November 3, 2020
Voters approved a constitutional amendment to legalize cannabis in New Jersey, putting pressure on neighboring states like New York. Source: New York Times
6 Are Shot in Brooklyn as N.Y.C.’s Summer of Violence Spills Into Fall
By Gotham Rex on October 22, 2020
Shootings that plagued the city for most of the summer have not abated, and some city leaders question whether the police have backed off enforcement. Source: New York Times
‘We’re at War’: New York City Faces a Financial Abyss
By Gotham Rex on September 28, 2020
The pandemic has crippled tourism, retail and the culture sector. The damage could last years, and layoffs, service cuts and added debt are all on the table. Source: New York Times
N.J. Will Borrow $4.5 Billion as Pandemic Pain Hits States
By Gotham Rex on September 24, 2020
It is one of the first states to take on debt to plug a budget hole created by the impact of the coronavirus. Source: New York Times
NYC Mayor to Furlough 495 Staff Members for a Week, Including Himself
By Gotham Rex on September 16, 2020
The symbolic move, which would yield $860,000 in anticipated savings, could be a precursor to similar maneuvers to slash the budget. Source: New York Times
Tax the Ultrarich? Cuomo Resists, Even With a $14 Billion Budget Gap
By Gotham Rex on September 7, 2020
State Democratic lawmakers are pressuring Gov. Andrew Cuomo to approve a tax on the wealthy, fearing that budget cuts will hurt those most in need. Source: New York Times
Is New York’s Arts Diversity Plan Working? It’s Hard to Tell
By Gotham Rex on August 26, 2020
While the CreateNYC program increased funding for smaller neighborhood arts organizations, it never required institutions to disclose the demographic data that would help measure progress. Source: New York Times
$1,000 ‘Baby Bond’ Proposed in N.J. in Bid to Narrow the Wealth Gap
By Gotham Rex on August 25, 2020
A plan would set aside money at birth for children in most families, giving them a financial lift when they reach 18 and enter adulthood. Source: New York Times
Ocasio-Cortez Pushes Cuomo to Back Billionaires’ Tax
By Gotham Rex on July 16, 2020
Progressives want the tax to help New Yorkers hurt by the virus, but the governor says it could drive high earners out of state and damage the tax base. Source: New York Times
Occupy City Hall’s New Life as Homeless Camp: ‘Not Pretty All the Time’
By Gotham Rex on July 9, 2020
Organizers said they were helping vulnerable people. But nearby residents said the camp had turned into an unruly — and at times violent — shantytown. Source: New York Times
Buried in N.J.’s Budget Cuts: a Break for a Billionaire
By Gotham Rex on July 2, 2020
A stopgap budget with $4 billion in cuts also includes an opening for private development in state parks, like a long-desired expansion of a golf course into Liberty State Park. Source: New York Times