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"An increase in social distancing and remote work has resulted in growing vacant office space since late 2020. Office rents have also trended down and remained depressed into 2022," according to the Popular Annual Financial Report.
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Heeding signs that a shaky economy threatens local tax revenues, Mayor Adams’ latest budget includes $2.5 billion in cuts to city-funded spending for this year and next, leaving many city jobs vacant, slowing the expansion of pre-K for 3-year-olds and reducing subsidies to the city’s libraries. With the mayor projecting budget shortfalls of nearly $3 billion next year and almost $6 billion in 2026, deeper cuts are likely.
NYC is betting that paying landlords in expensive neighborhoods to take rent vouchers will help struggling New Yorkers afford rent
It’s a sign of rising inclusion in one of the biggest municipal issuers in the nation
The municipal market was a tale of two halves in fiscal 2022, the report says.