Put politics aside — New York City needs help
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TIMESLEDGER | QNS.COM | NOV. 6-NOV. 12, 2020 19
BY DAVID WEPRIN
New York City needs help. It’s as simple as that.
Seven months into the coronavirus pandemic, where New York’s outbreak
eclipsed others around the world, we’ve come back from the height of
one of the worst public health crises we’ve ever experienced, but we’re still
staring down the brink of economic disaster.
After almost a decade of economic recovery following the 2008 financial
crisis, New York now needs federal assistance to offset the massive losses
from the coronavirus and help it recover from its worst economic crisis in
nearly half a century.
As of now, New York City has the highest unemployment rate in the
state, currently at 16.3 percent, which is up more than 12 percent from last
year; $9 billion in lost revenue; and a historic vacancy rate of 5 percent in
Manhattan, among many other troubling economic indicators.
The federal government must label New York City for what it is: America’s
economic engine. We’re the nation’s financial and cultural capital. The
New York City metro area accounts for almost 10 percent of the U.S. GDP.
That’s more than most countries and yet, the federal government wants to
withhold critical funds, putting our education, social services and public
safety at stake.
If New York City fares poorly financially, so does the rest of the country.
New York City puts more money into the federal pot every year than any
other state. Federal economic assistance wouldn’t be a bailout as some have
suggested; it would be ensuring the economic health of the nation.
While state policymakers debate whether to raise state taxes on the rich
to help minimize cuts to spending on vital services, it appears Governor
Cuomo is resisting those calls.
So, without that influx of funds, and without any increase in revenue
from Albany, the federal government — which has the ability to print
money on demand — is the only partner we can turn to.
And to give just a small glimpse into what the financial future of our
city looks like without any federal support, here are two examples: The
restaurant industry, once the lifeblood of our city — bringing in nearly $27
billion in taxable sales — could see half of its restaurants and bars close for
good. The tourism industry is also reeling, with a projected loss of at least
$1.5 billion in all taxable tourism sales for 2021.
Despite all of this, negotiations over a stronger COVID-relief package
are stalled, with the impasse likely to remain after Election Day. Plus, a
“skinny” stimulus bill introduced by Republicans failed to pass the Senate.
But even if it had passed, it didn’t include any new money for state or local
governments.
Not only that, the federal relief that has been doled out has not been
equal, with small businesses in majority-Black, majority-Hispanic and
majority-Asian and South Asian neighborhoods receiving PPP loans more
slowly than small businesses in majority-white neighborhoods. I represent
one of the most diverse districts in the New York State Assembly. I know
these small business owners and I see their pain.
We don’t want to have to relive our history. It was bad in the 1970s, it was
bad after the Sept. 11 attacks and it was bad after the 2008 financial crisis.
It’s bad now. But it can and will get better.
It’s time for federal lawmakers to put aside the putrid politics dominating
Washington and step up and aid New York City. Helping us will help the
rest of the nation on its path to economic recovery.
David Weprin represents part of Queens in the state Assembly. He is a candidate
for New York City Comptroller and a member of the Committee on Ways
and Means, former Chairman of the NYC Council’s Finance Committee and
served as the Deputy Superintendent of Banks and Secretary of the Banking
Board for New York State under Governor Mario Cuomo.
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