Provided by Dow Jones
By Katie Honan More than three dozen New York City mayoral candidates are vying for one of the toughest jobs in the country: leading the nation s largest city back to pre-pandemic employment levels while trying to find the funding to do so. In the run-up to the June 22 primary, candidates have been detailing their visions for the city s economic recovery from the Covid-19 crisis, which wiped out nearly 878,000 jobs in the second quarter of 2020, according to the city s Independent Budget Office. Although an estimated 20% of those jobs returned by the third quarter, pre-pandemic levels of employment might not return for years, the IBO says.
CRE Gets Its Ducks And Dollars In A Row For Crucial Mayoral Run There are more than 30 people currently running for mayor.
“This is a critical moment for real leadership,” said RXR CEO Scott Rechler, who is also chairman of the Regional Plan Association. “There s no superman out there, but we want someone that s capable, someone that s well-intentioned, someone that is not tied down by ideology and someone that reaches out to the broader New York community to come together to rebuild the city.”
More than 30 people have thrown their hat in the ring, including Brooklyn Borough President Eric Adams and city Comptroller Scott Stringer, both of whom lead in fundraising, with $7.3M and $6.5M, respectively, per the New York City Campaign Finance Board. Ray Maguire, who is leaving his job as vice chairman at Citigroup to enter the race, now has $4.8M of private funds in his coffers.
With Schumer Leading The Senate, NYC CRE Is More Hopeful Of A Recovery
New York City real estate experts welcomed the results of this month’s Senate election in Georgia as good news for the city and the industry.
With Brooklyn-born Chuck Schumer set to become Senate majority leader next week, experts are hopeful that the federal government will have a larger role in helping New York in its recovery and beyond, including potentially providing federal funding for major infrastructure projects such as the Gateway Program. When that help does come through, the city needs to be ready for it, they say.
By forcing live events to go virtual, the pandemic may change access to entertainment forever
Emily Yahr, The Washington Post
Jan. 13, 2021
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