Announcement: Executive Director Nathan Gusdorf will depart FPI to pursue a new opportunity as Deputy Director of Policy, Planning, and Delivery at @nycbudget.bsky.social. Dr. Eisner, currently FPI’s Chief Economist, has been appointed Acting Executive Director while the board plans a transition.
Panelists are talking about Mamdani's promise to build 200,000 units of affordable housing over the next decade.
Emily Eisner of @nyfiscalpolicy.bsky.social: 200,000 is the minimum # of units we need to build in the city. The city would need to take on a lot more debt to do this.
nysfocus.com
Curious about the state budget? Join FPI's virtual briefing tomorrow at noon. We'll dive into NY's fiscal & economic outlooks, federal cuts, universal childcare, foundation aid, Medicaid & SNAP after the OBBBA, and the NYC budget. us06web.zoom.us/webinar/regi...
The rent is too damn high! Tomorrow night FPI chief economist @emmurpheis.bsky.social joins @aarmlovi.bsky.social and Sam Mellins at Judson Memorial Church to discuss housing under Mamdani
Don't miss @ngusdorf.bsky.social in conversation with Josh Wallack, who helped deliver Pre-K for All to New York--covering the de Blasio Pre-K experience, voucherization, universal provision, private providers, & the Hochul-Mamdani childcare announcement.
nycpolicyforum.substack.com/p/how-to-get...
Today, Mayor Mamdani announced a $12B fiscal deficit facing NYC.
This challenge can be solved w/o slashing services—if NYS authorizes NYC to raise taxes on the highest earners & most profitable corporations.
There are compelling tax policy reasons for an increase, as well.
Tomorrow at noon FPI's analysts are taking a first look at the New York's FY27 Executive Budget.
Join us on Zoom to discuss the Governor’s financial plan, the proposed budget, and the State’s updated fiscal projections.: us06web.zoom.us/webinar/regi...
Trump's OBBBA gives millionaire New Yorkers a $12B tax cut through
1) Reductions on most individual income tax brackets
2) A 20% federal income tax deduction for owners of eligible pass-through businesses
3) Reducing the federal corporate income tax rate from 35% to 21%
Join the Fiscal Policy Institute for a briefing about Governor Hochul's 2026 State of the State this Wednesday at noon.
Attend on Zoom: us06web.zoom.us/webinar/regi...
Or in-person in Lower Manhattan: secure.givelively.org/event/fiscal...
Correction:
3. $500 million for “2-Care” in New York City over two years.
A phase in of universal daycare for two-year-olds in New York City: $75 million in the first year and $425 million in the second year.
Read FPI's full statement here: fiscalpolicy.org/fpi-applauds...
4. $1.2B for Child Care Assistance Program
NYS's voucher program subsidizing childcare for low- & moderate-income families is inadequately funded, forcing districts to put eligible families on waitlists. Gov. Hochul committed to adding $1.2B in funding to shore up the program.
2. $470 million for Statewide Universal Pre-Kindergarten
New York State currently provides pre-kindergarten for three-quarters of its four-year-olds. This plan would add $470 million to expand pre-kindergarten to the remaining districts that do not yet provide the program. 8/
How the Hochul-Mamdani Childcare Deal Works:
1. No new taxes or other revenue sources; new investments come from “existing state revenues.” 7/
The obstacle has always been securing adequate funding, and all New Yorkers should feel heartened by today’s commitment from the State to fund this initiative. 6/
The solution to this problem—extending the State’s system of free public education to children under the age of 5—has been clear for decades, with the State’s own universal pre-kindergarten law dating back to 1997. 5/
The high cost of childcare has made it impossible for many families to remain in New York: our research shows that families with young children are 40% more likely to leave the state. 4/ fiscalpolicy.org/new-families...
Though it will be necessary to enact a stable, long-term revenue source to ensure the permanence of these commitments along the lines of our tax plan for statewide childcare. 3/ fiscalpolicy.org/a-tax-plan-f...
We applaud this shared commitment to expanding the public sector in order to lower the cost of living and ensure that all families with children have access to high-quality care and education starting in infancy. 2/
Today’s announcement by @governor.ny.gov and @mayor.nyc.gov marks a historic step toward making life more affordable for New Yorkers. 1/
"Many policymakers think that tax cuts will lure [high-income earners] in, but this is mostly a fool’s errand. In normal times, the rich are deeply rooted and not movable."
Bills being debated by NYC Council would slow the building of affordable housing & make construction more expensive & less targeted to the city's needs—putting major obstacles in the way of the mayor-elect's affordable housing agenda
@emmurpheis.bsky.social speaks w/ @spectrumnewsny1.bsky.social
By combining broad-based measure such as a payroll tax with sharply progressive taxes on NYC's highest earners, the incoming administration can ensure both the stability and public legitimacy of its universal childcare system.
See our full report: fiscalpolicy.org/a-tax-plan-f...
$3.5B will be necessary to finance universal childcare in NYC. It can be supplied by 4 practical taxes on payroll, investment income, corporate profits, and NYC income over $1M. 3/
The new admin should adopt a mix of progressive and broad-based taxes to finance universal childcare, following the model that funds the MTA.
Spreading costs across multiple, large tax bases, will ensure the needed revenue while staying within the bounds of feasibility 2/
It's true: "no child care system can survive without sustained attention & investment."
The deciding factor in whether New York achieves truly universal childcare will be whether that system is supported by sustainable, recurring revenue that grows with the program over time 🧵
Wow so NYC admins systematically underestimate revenues during the budget process, sometimes by big margins, and uses this “structural pessimism” to govern. Andrew Perry of @nyfiscalpolicy.bsky.social says this will determine how Mamdani governs. www.phenomenalworld.org/analysis/mam...
Today, three of our staff members joined the
@zohrankmamdani.bsky.social admin's transition committee:
🏢 Executive Director Nathan Gusdorf on Government Operations
🏘️ Chief Economist Emily Eisner on Housing
🏥 Director of Health Policy Michael Kinnucan
on Health www.cbsnews.com/newyork/news...
Will taxing the rich spur them to flee New York?
No.
"There was no notable increase in out-migration among high earners following the State’s 2021 increases to the top Personal Income Tax rates. These higher tax rates raise approximately $3.6 billion annually"—
@nyfiscalpolicy.bsky.social
Table 2. Average OBBBA tax advantages for top earners
That comes to $12 billion in federal tax cuts for New York's millionaires—at the cost of up to one million New Yorkers losing health insurance and hundreds of thousands facing hunger due to SNAP and Medicaid cuts.
