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This Month's Article ...
As we "wake up to the recession," James Parrot finds some things we thought were true about the economy have turned out not to be. For example: Huge Wall Street bonuses are good for New York City
Recent Economy Articles from the Gotham Gazette:
Ten Reasons We Don't Have the Economy We Thought We Had
| Stimulating the Economy
| Could Wall Street’s Woes Be Good for New York?
| Wall Street’s Binge, Workers’ Hangover
Links in the News ...
- Assembly Approves Foreclosure Moratorium (Crain's)
- State Officials Predict a Deep Recession (NY Times)
- Bloomberg Blasts Gas Tax Cut Plan (Crain's)
- Mortgage Delinquencies Up 74 Percent (Crain's)
- Judges Slow Down Cases In Protest (Daily News)
- Officials Look For Fixes to Water Rate Hike (Staten Island Advance)
Researching Economy ...
Due to risky lending trends, many neighborhoods across the city are vulnerable to large scale foreclosures if the housing mark slows, according to a new report by New York University's Furman Center for Real Estate and Urban Policy. The report, the center's annual "State of New York City’s Housing and Neighborhoods," finds that city residents have been increasingly taking subprime and refinance loans. In 2006, "21 percent of all home purchase loans and 27 percent of all refinance loans were subprime, compared to the national rates of 13 percent and 16 percent respectively." Another concern is the increase in use of second liens, which have grown from 9 percent in 2004 to 30 percent in 2006. The report also finds that black and Hispanic borrowers are much more likely to have these risky loans than their white counterparts. (May 1, 2008)
Loophole Closure Could Raise Millions
New York City could realize as much as $225 million annually in net revenue if it closed a loophole in the unincorporated business tax that applies to hedge funds and private equity firms, according to a new report from the Fiscal Policy Institute. The report argues for closing the loophole so the city could tax managing partners at private equity firms and hedge funds. These partners are now not taxed because they invest their own capital, which is also subject to the personal income tax. In 2007, the 13 leading New York City hedge funds generated $20 billion in profits. (April 21, 2008)
New York City Foreclosures in 2007
This report from New York University's Furman Center for Real Estate and Urban Policy looks at foreclosures of local properties in 2007. The analysis finds that a majority of the nearly 15,000 mortgage-related foreclosure filings in New York City in 2007 were on multi-family buildings, and only about 40 percent were on condominiums or single-family homes. The analysis shows that over 30,000 households (or about 76,000 New Yorkers) are living in properties that entered the foreclosure process in 2007. The Center estimates that more than 15,000 of these households (or some 38,000 New Yorkers) were living in rental units. Most tenants living in buildings going through foreclosure face eviction if the property is sold at auction. However, tenants protected by New York State's rent regulation laws, which apply to many units in larger buildings, are not at risk. (April 15, 2008)
Income Gap
New York has the widest gap between rich and poor of any state in the nation, according to a report released today by the Fiscal Policy Institute, and the difference is even larger in New York City. The top 20 percent of New Yorkers have incomes almost nine times that of New Yorkers in the lowest 20 percent. While rich New Yorkers got significantly more affluent in the last 20 years, those at the lower rungs of the economic ladder have seen their incomes remain fairly stagnant. (April 9, 2008)
Unionization of Blacks in New York
To mark the anniversary of Martin Luther King's assassination, the Fiscal Policy Institute has released a report on the unionization rates of blacks in New York and nationwide. In New York, 37 percent of blacks are in a union, while 26 percent of the overall workforce is unionized. Nationally, 16 percent of blacks are unionized and 14 percent of the overall workforce is in a union. Approximately 25 percent of Hispanics in New York are in a union. (April 3, 2008)
A nonpartisan research and education organization that strives to increase understanding of issues that affect the quality of life and economic well-being of New York state residents, it offers sector studies, labor market profiles, and The State of Working New York annual volumes
NYC Workforce Investment Board
Provides timely reports about New York City’s workforce and economy.
NYC Economic Development Corporation
Offers an "economic snapshot" that highlights recent information about New York City employment, consumer spending and real estate.
Offers links to various executive budget documents and information and a detailed analysis of the state economy and how it affects tax revenues.
NYC Independent Budget Office
Established in 1996 and charged with enhancing public understanding of the City's budget. Everything from analyses of the Mayor's budget to reports on taxes on the poor and utilities. Interactive tax receipt tells you how much you spent on each government service is highly recommended.
NY Federal Reserve Bank
The Fed’s regional economy section analyzes local economic growth, labor markets, real estate, and public finance issues. Also provides reports on current topics, such as the cost of homeland security.
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