New Report: Opportunities in New York City’s 2024 Budget
Mayor Adams can cut costs while promoting sound policy
New York, NY – By July 1st, Mayor Eric Adams and the New York City Council will finalize a city budget for the 2024 fiscal year, shaping the Big Apple’s fiscal future. The myriad challenges facing the city—record-high apartment rents, outmigration, homelessness, unemployment, crime, and decreased public school enrollment, to name just a few—call for imaginative, cost-effective solutions. In a new Manhattan Institute report, our most NYC-focused scholars joined together to explain these challenges and offer ways forward.
The report covers departments and agencies which constitute more than a majority of the city budget and affect the daily lives of New Yorkers. Each section describes a department and its context within city government, analyzes the budget issues facing that department, and suggests avenues for better policy and much-needed savings. Sections and authors include:
As it stands, New York currently faces budget gaps of $7 billion dollars in FY 2025, and $10 billion in FY 2026, which threaten higher taxes, public service cuts, or both. To avoid that, this report identifies opportunities for short- and long-term reform—it’s up to the Adams administration to seize them.
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