WHY IS ECONOMICS IMPORTANT?
By Wright for NYC 2020 Campaign Team
Since the pandemic began, unemployment in NYC has risen to over 20 percent. The City’s deficit has risen to $9 billion dollars and is expected to continue to rise. The new mayor will have the task of revitalizing NYC in the midst of pandemic paranoia, shrinking revenue, a dwindling budget and the worst unemployment rate since the Great Depression…
On the public housing front, though the administration has been successful in stabilizing the operating finances of the New York City Housing Authority (NYCHA), its plan to raise funds for capital repairs from new infill projects that create mixed-income housing, has stalled. The authority has a $32-billion five-year capital need for repairs and maintenance, and the city has managed to identify $24 billion over 10 years through various mechanisms that must be executed.
A new chair and CEO, Gregory Russ, was appointed in June to manage the scandal-ridden agency, which is also under the watchful eye of a federal monitor who has been scrutinizing its functions and monitoring its progress in handling lead abatement.
The new mayor’s 2022 challenges include whether he can advance infill projects and ensure NYCHA is on track with lead testing and removal, boiler and elevator replacements and repairs, and more.