New York Carib News

Mayor Adams releases 2023 preliminary budget, tells CEOs to end work-from-home option

New York City Mayor Eric Adams presented New York City’s $98.5 billion Preliminary Budget for Fiscal Year (FY) 2023. The budget offers a message to CEOs to end work-from-home and makes historic investments to support public safety, young New Yorkers, childcare, and working families.

Mayor Adams’ first budget reduces the FY23 budget by $2.3 billion and — by prioritizing public safety, implementing a successful Program to Eliminate the Gap (PEG), exercising caution in response to mixed economic signals, and reducing budgeted city headcount — serves as the foundation for his commitment to “Get Stuff Done” for New Yorkers.

“After two years of struggle, we are on the brink of a recovery that offers us a once-in-a-generation opportunity to make real change on a grand scale,” said Mayor Adams. “I made a commitment to New Yorkers to spend taxpayer dollars more wisely, while making the upstream investments necessary to ensure a robust recovery — and this administration’s first Preliminary Budget achieves exactly that. We are cutting spending, making government run more efficiently, investing in public safety, and providing much-needed help to working families across our city. The steps we are taking together will make New York a safer, more just, and more prosperous city for all.”

This budget advances Mayor Adams’ Blueprint to End Gun Violence to reduce crime across the five boroughs. Until increasing levels of gun violence ends, New York will not be the best city in the world to raise a family, open a business, or visit. This will delay the city’s recovery and, therefore, New Yorkers’ prosperity.

Most importantly, in his presentation, Adams offers facts and figures for the state of businesses on New York.

He shared that “return-to-office progress peaked at over 35 percent in early December, crashed dramatically to just over 10 percent by January, and still has not recovered”.

“And take a look at the white line on the chart: It shows that workers in other cities are returning to their offices at a faster rate. When employees don’t return to work, they don’t eat lunch at a nearby restaurant, shop at a local store, or take their clothes to the dry cleaners. Our business districts suffer, and it slows the recovery. Because of continued remote work, office vacancy rates are at 20 percent, a 40-year high. This represents more than 83 million square feet of space. Imagine nearly every office building in downtown Manhattan — empty.”
He asked: “The question now is: What conclusions do we draw from these indicators, and how do they impact the budget and our planning?”

He continued: “We can’t send mixed messages,” Adams said of different major banks and tech companies that continue to delay return dates. “We can’t keep kicking the can down the road.”

He is hoping that meeting with CEOs recently would urge them to map out a real plan for their workers to be back to the offices.

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