New York & Tri-State + Finance | December 2, 2020

NYC and NYS Face “Wide” Budget Gaps Even with Federal Aid

The Citizens Budget Commission warned Tuesday that federal aid in and of itself won’t close the massive budget deficits faced by New York City and New York State.

The state and city “have budget gaps so wide and face risks so substantial that even with considerable additional federal aid the state and city still will have to implement significant actions to stabilize their finances in the long run,” the CBC reported.
T
aken together, state and city budget gaps total $73.3 billion over four years. If federal aid ultimately relieves the same portion of these gaps as in the Great Recession, the state and city still will have to implement gap-closing actions totaling $57 billion.

“Federal aid may well be greater this time, but is unlikely to solve the whole problem,” according to the CBC. “State and city leaders should act with urgency to develop and implement credible fiscal stability plans.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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