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Watchdog Says NYC Gov’t Needs to Rein in $1B Leasing Costs
New York City’s municipal government needs to do a better job of reining in its office leasing expenses, which now exceed $1 billion per year, says watchdog group the Citizens Budget Commission (CBC). The group’s report on public leasing says that leasing costs have grown more rapidly over the past 10 years, and accelerated at the start of the de Blasio administration.
“In fiscal year 2018, New York City spent more than $1.1 billion to lease space for public facilities and offices—an amount that has grown 40% since fiscal year 2014,” according to the CBC report. It’s expected to reach $1.2 billion in fiscal 2020.
The report calls on the Department of Citywide Administrative Services to get a handle on the city’s real estate holdings. Cataloguing and monitoring the city’s 37 million square feet of leased and owned space is essential, the CBC says.
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- ◦Economy
- ◦Lease
