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State Comptroller: NYC Faces “Unprecedented” Economic Impact
New York City, New York State and the Metropolitan Transportation Authority all need additional federal aid to mitigate the impact of the COVID-19 pandemic on their budgets, state Comptroller Thomas DiNapoli said Tuesday. He added that a failure to aid one could adversely affect the others.
“The social, economic and budgetary impacts of the pandemic have been unprecedented on New York City, the state and the nation,” said DiNapoli. “Without additional federal budget relief, the city will need to make hard choices to ensure budget balance in the current fiscal year and to close next year’s budget gap.”
More than 944,000 jobs were lost in March and April, New York City’s largest job loss since the Great Depression. The unemployment rate, which had fallen to a record low of 3.4%, shot up to a 44-year high of 20.4%, erasing nearly all employment gains of the past 10 years.
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- ◦Economy
