10
QUEENS WEEKLY, MARCH 29, 2020
Coronavirus pandemic will ravage New York City’s
economy, cause up to $6 billion in losses: Stringer
BY ROBERT POZARYCKI
Job losses and business
shutdowns related to the
coronavirus pandemic will
blow giant holes in New
York City’s budgets, according
to City Comptroller
Scott Stringer.
Depending on how long
the outbreak persists in
New York City, the projected
revenue losses could
reach $6 billion by the end
of June, Stringer said. Previously,
the comptroller
had estimated $3.2 billion
in lost revenue — but that
was before the rash of layoffs
and lost business citywide
over the past week, as
social distancing measures
and emergency closure orders
took hold.
“The COVID-19 pandemic
is already putting enormous
financial strain on
our city’s workers as millions
of New Yorkers grapple
with the uncertainty of
their next paycheck, paying
rent and taking care of
their families. At the same
time, the massive slowdown
of our city’s economy
is going to result in substantial
losses of the tax
revenue that keep this city
running,” said Stringer.
The dreadful economic
forecast is largely based on
an anticipated “very sharp
decline” in business at hotels,
restaurants, retail and
cultural institutions. These
businesses have either severely
curtailed or closed
altogether due to emergency
regulations imposed to
combat the rapid spread of
coronavirus.
In the best-case scenario,
Stringer said, economic
losses for New York
City’s government would
be in the range of about $4.8
billion if the outbreak is
abated in May. The worstcase
scenario, in which the
pandemic lasts the until
June, would cost the city $6
billion.
The pandemic’s costs
will not only impact the
current Fiscal Year 2020
but the next budget as well,
Stringer said. The new fiscal
year arrives for New
York City on July 1, and
the City Council and mayor
have until June 30 to hammer
out a new spending
plan.
Stringer expects the
coronavirus pandemic will
cause budget shortfalls of
up to $1.5 billion for the current
fiscal year, and up to
$4.8 billion for Fiscal Year
2021.
Before the outbreak,
the city had anticipated
a $2.7 billion budget surplus
which it had planned
to use for the next fiscal
year. Stringer says the
city can use the surplus
and other savings to close
the current budget gap,
but that would force the
city to find ways to close
an even larger deficit next
fiscal year.
The comptroller called
upon city government to
enact a “Program to Eliminate
the Gap” (PEG) to find
areas where budget reductions
could be made.
Stringer also urged
the federal government
to step in an provide economic
relief for New Yorkers
and businesses in dire
need. This includes direct
cash assistance for families,
small business and
nonprofit loans, expanded
unemployment insurance,
paid sick leave and financial
support for state and
city governments.
Reach reporter Robert
Pozarycki by e-mail at
rpozarycki@qns.com or by
phone at (718) 260-4549.
City Comptroller Scott Stringer Photo by Susan Watts/Office of New York City Comptroller
New website connects Queens restaurants to home-bound residents
BY JACOB KAYE
As the coronavirus crisis
continues to have devastating
affects across most
all industries, the Queens
Chamber of Commerce announced
a new effort to
help the borough’s food and
beverage sector on Friday,
March 20.
With QueensBest.org, a
new website that helps users
find restaurants with delivery
and take-out options,
the Queens Chamber is hoping
to breathe some life back
into the food service world
hit hard by the COVID-19
pandemic.
“Queens has the most
vibrant restaurant scene
in the world, and we don’t
yet know the true extent
to which the coronavirus
outbreak will impact them.
What we do know is that
you can continue to support
small businesses and enjoy a
great meal in the comfort of
your home by ordering takeout
or delivery,” said Thomas
Grech, president and CEO
of the Queens Chamber of
Commerce. “QueensBest.
org will make it easy for you
to find the best food that our
borough has to offer, and
support our hard-working
neighbors during a challenging
time.”
The website organizes
restaurants by neighborhood,
so users can get connected
with food services
close to their homes. It currently
lists restaurants in
Bayside, Sunnyside, Jamaica,
Jackson Heights, Astoria
and Flushing. Telephone
numbers and hours of operation
are listed for each
participating restaurant.
QueensBest.org also
highlights some of the top
pizza, coffee and ice cream
spots the borough has to
offer.
“There are many great
things about Queens, but
the cuisine is probably the
best,” said Rob MacKay, director
of the Queens Tourism
Council. “This publication
is fantastic. It provides
tremendous information
at a time when people need
to dine out and restaurants
need the business.”
In addition the takeout
and delivery guide,
the Queens Chamber also
launched a new page on its
website to keep local businesses
informed about
business-related COVID-19
news. The new page also
lists resources to help guide
businesses through the
crisis.
/QueensBest.org
/QueensBest.org
link
link
