New York

The 2007 reform of New York State’s workers’ compensation laws was intended to reduce costs to employers. The policy change also began the gestation of a new credit that is expected to come due in the second week of November.

New York City’s construction boom is over, according to a report released last week by the New York Building Congress.

New York Gov. David Paterson again raised the spectre of a downgrade yesterday as he cajoled legislative leaders to take action to cut a $3 billion current-year budget deficit. The state faces a serious cash-flow problem in December that could affect its rating if nothing is done, he said.

Hotel developers are hoping the New York City Capital Resource Corp. will be the financing source of last resort for city projects that are either stalled or haven’t started due to the credit crunch.

Opponents of the Atlantic Yards project in Brooklyn yesterday filed a lawsuit in New York State Supreme Court in Manhattan to try to stop the mega-development from going forward.

New York Gov. David Paterson yesterday proposed spending cuts and revenue-raising measures to close a $3 billion gap in the current fiscal year.

Halfway into its fiscal year, New York’s projected budget deficit has grown to $4.1 billion, up from $3 billion last month, as personal income tax revenues have dropped, state Comptroller Thomas DiNapoli said yesterday.

The Mount Sinai School of Medicine at New York University is going to market next week with $369.6 million of tax-exempt bonds. The Dormitory Authority of the State of New York will offer the fixed-rate bonds to retail investors on Tuesday and to institutional investors on Wednesday.

The Metropolitan Transportation Authority broke state law when it agreed to new sale terms for the Vanderbilt rail yards in Brooklyn, plaintiffs allege in a suit filed yesterday in New York State Supreme Court.

The Metropolitan Transportation Authority’s $28.08 billion five year-capital plan is unaffordable, New York Gov. David Paterson said yesterday, adding that the State Department of Transportation’s $25.8 billion five-year plan is too costly as well.

The Dormitory Authority of the State of New York goes to market today with the state’s first qualified school construction bond deal. DASNY is marketing at least $50 million of QSCBs while at the same time offering $250 million of Build America Bonds and $99.8 million of tax-exempt bonds all on the state’s personal income tax credit.

Among the millions of dollars raised by four Democratic contenders for the office of New York City comptroller, public finance professionals have played a small role, contributing thousands of dollars, campaign finance records show.

The New York State Housing Finance Agency last week approved $177.4 million of bonds to finance nine affordable housing projects throughout the state.

David Mack rebuffed New York Gov. David Paterson’s call to step down as vice chairman of the board at the Metropolitan Transportation Authority and as a board member of the Port Authority of New York and New Jersey last week.

The New York Senate last week confirmed Jay Walder as the new chairman and chief executive officer of the Metropolitan Transportation Authority.