City of New York, NY

Gov. Kathy Hochul this week signed into law a trio of bills passed by New York's Legislature leveraging state resources to accelerate affordable housing in New York City.

The upgrade "reflects a material improvement in the MTA's fiscal outlook, which was largely driven by New York State increasing the maximum rate of the payroll mobility tax," Fitch said.

"Further declines could weaken New York's tax revenue from the securities industry and have repercussions for our state and city budgets," said New York State Comptroller Thomas DiNapoli.

"That puts us well on our way to hitting our ambitious goal of $25 billion awarded to MWBEs by 2026," said New York City Mayor Eric Adams.

Ed Koch, the late mayor of New York, used to ask residents "How am I doin' ?" The Citizens Budget Commission plans to do that this fall with a survey.

The upgrade reflects progress and ongoing development at Hudson Yards that has led to increased payments in lieu of taxes, said S&P credit analyst Felix Winnekens.

The artificial intelligence revolution has arrived. NYC's CTO, Matthew Fraser, tells American Banker's Executive Editor of Technology, Penny Crosman, how new technology is shaping policy in America's largest city.

"Last year's successful social bond issuance has proven that there is growing investor demand for socially conscious investments and I am thrilled that we are able to offer this opportunity again," said City Comptroller Lander said.

The total economic impact from the almost 292 million tourists visiting the Empire State last year was roughly $123 billion.

"Coupling the costs of a national crisis that has fallen onto New York City with COVID funding that is running out and reduced revenue growth, our city's financial future may be at risk if we do not act," Mayor Eric Adams said.

In the first half of the year, private-sector jobs in the Big Apple surpassed pre-pandemic levels as payroll gains outperformed the national growth rate. However, Mayor Adams says there is one big problem that "will destroy New York City."

For the three-month period ending June 30, the fund's investments returned about 3.08%.

Despite looming economic and social challenges, New York City's economy has proven to be more resilient than projected, New York's comptrollers Brad Lander and Thomas DiNapoli say.

Costs associated with the influx of migrants could cost the city more than $12 billion over fiscal 2023, 2024 and 2025.

New York City's $1 billion deal was re-priced to lower yields and a tax-exempt and taxable deal for the NFL's Tennessee Titans new stadium priced.

Though the city has vast financial strengths, it is struggling with the costs of housing migrants and declining commercial property values.

Issuers are grappling with struggling transit systems in post pandemic.

Proceeds from the sale will be used to fund infrastructure projects in the city's $164.8 billion 10-year capital plan.

New York State Comptroller Thomas DiNapoli urged state agencies to do more to protect water systems from cyberattacks as Moody's Investors Service said cyber risks pose challenges to municipalities across the United States.

The $107 billion adopted budget for fiscal 2024 maintains a near-record $8 billion in total reserves but doesn't increase them.