Average Bonus for Employees in NYC’s Securities Industry was $176,500
The average annual Wall Street bonus dipped to $176,500 last year, a 2% decline from the previous year’s average of $180,000, according to New York State Comptroller Thomas P. DiNapoli’s annual estimate. Wall Street’s profits were up 1.8% in 2023, but firms have taken a more cautious approach to compensation and more employees have joined the securities industry, which accounts for the slight decline in the average bonus.
“Wall Street’s average cash bonuses dipped slightly from last year, with continued market volatility and more people joining the securities workforce,” DiNapoli said. “While these bonuses affect income tax revenues for the state and city, both budgeted for larger declines so the impact on projected revenues should be limited. The securities industry’s continued strength should not overshadow the broader economic picture in New York, where we need all sectors to enjoy full recovery from the pandemic.”
The $33.8 billion bonus pool for 2023, which closely matched the 2022 pool, was well below the 25% growth seen in 2020 ($37.1 billion) and the 15% jump seen in 2021 ($42.7 billion), but slightly over the pre-pandemic high of $32.1 billion.
Wall Street bonuses have a significant impact on tax revenue in the state and city budgets. DiNapoli estimates that the securities industry accounted for approximately $28.8 billion in state tax revenue, or 27.4% of the state’s tax collections, for State Fiscal Year (SFY) 2022-23, and $5.4 billion in city tax revenue, 7% of total tax collections for City Fiscal Year (CFY) 2023.
In 2022, bonuses generated $447 million less in state income tax revenue and $204 million less for the city compared to the prior year. DiNapoli projects the 2023 bonuses in New York City’s securities industry will generate $4 million less in state income tax revenue and $2 million less for the city when compared to the previous year. The Governor’s proposed budget assumed bonuses in the broader finance and insurance sector would decrease by 2.7% in SFY 2023-24, while the city’s CFY 2024 financial plan assumed a decrease of 7.8% in securities industry bonuses. These anticipated declines should minimize any significant impacts to their budgets in the short-term.
The securities industry also has a significant impact on the city’s employment and overall economy. In 2023, the sector employed about 198,500 people, up from 191,600 the prior year. DiNapoli estimates that 1 in 11 jobs in the city is either directly or indirectly associated with the securities industry. While the city remains the capital of the U.S. securities industry, its share of the sector’s jobs has been declining over time. Sector employment in 2023 was 1.3% lower than in 2000, which represented the peak for securities industry employment in the city.
As more securities employees are back in the office, there is increased spending in the city. Financial services firms reported 65% of employees were in the office on any given day in September 2023 (post-Labor Day), compared to 58% for all firms in the city, according to the Partnership for New York City’s survey.
Additionally, 42% of securities industry employees ride the subway, a higher rate than the citywide average for workers. DiNapoli estimates Wall Street was responsible for 14% of all economic activity in the city in 2022, and thus the financial sector’s ability to generate revenue and turn profit is critically important to New York.
Methodology DiNapoli’s office releases an annual estimate of bonuses paid during the traditional December through March bonus season to securities industry employees who work in New York City. Bonuses paid by firms to their employees located outside of New York City, whether in domestic or international locations, are not included. The Comptroller’s 2023 estimate is based on personal income tax withholding trends and includes cash bonuses paid for work performed in 2023 and bonuses deferred from prior years that have been cashed in. The estimate does not include stock options or other forms of deferred compensation for which taxes have not been withheld.
Federal Policies Still Weighing on City’s Labor Force
The size of New York City’s immigrant workforce was flat over nearly a decade, according to a new report from New York State Comptroller Thomas P. DiNapoli. Through 2023, the foreign-born labor market grew 18.5% since 2015 nationally, while New York City’s declined 0.6%, according to data analyzed from the Bureau of Labor Statistics. Still, in 2023, New York City’s 1.8 million foreign-born workers made up 44.3% of its total labor force, more than double the national share of 18.6%.
“New York City’s labor market and economy greatly benefit from the contributions of immigrant workers,” DiNapoli said. “Many industries rely on foreign-born workers to keep businesses going, but we’ve seen a decline in this workforce when compared to the city’s peak in 2015. There are still many barriers for individuals who come to the U.S. looking for work and a better life. Federal immigration policy must be reformed to ensure that the economic prosperity that foreign-born workers have helped fuel in New York City can continue.”
Last year, New York City was down about 10,000 immigrant workers compared to 2015. Many industries in the city depend on these workers, including construction, where foreign-born workers made up almost 70% of all workers, while 65% worked in transportation and utilities, and nearly 55% worked in manufacturing last year. Compared to the city, the U.S. has a lower share of immigrant workers in these industries and others with 29% in construction, 21% in transportation and utilities and nearly 20% in manufacturing.
The foreign-born labor force in the city is also concentrated in industries that pay less than the private sector as a whole, such as health care and social assistance and accommodation and food services. Still, foreign-born workers contributed nearly $383 billion to the city’s economy in 2022. A diminished foreign-born workforce could hurt businesses and lead to less entrepreneurship and fewer jobs.
DiNapoli’s report notes federal immigration policies and the COVID-19 pandemic likely contributed to the lack of growth in the city’s foreign-born workforce.
Pre-Pandemic Immigrant Labor Force Decline Prior to the pandemic, several federal immigration policies may have disproportionately impacted the immigrant workforce in New York City. In 2017, a more stringent deportation policy was implemented. As a result, there was a 165% increase in immigrants living in New York City being sent back to the country from which they emigrated. The number of deportations grew from a low of 1,037 in federal fiscal year (FFY) 2016 to a high of nearly 2,800 in FFY 2019. During that time, fewer people obtained temporary or permanent visas to legally live and work in the U.S.
Also, federal changes to Temporary Protected Status (TPS) likely played a role in slowing the city’s immigrant labor force recovery. TPS allows people from other countries to live and work in the U.S. legally if fleeing war or a natural disaster, but in late 2017, the federal government ended the program for people coming to the U.S. from El Salvador, Haiti, Nicaragua, Sudan, Nepal and Honduras.
Impact of COVID-19 Pandemic on Immigrant Labor Force The pandemic halted visas and travel generally to the U.S. In addition, many industries that involve face-to-face contact employ a larger share of immigrant workers. Workers not born in the U.S. faced a higher unemployment rate than native-born New Yorkers in 2020, and by 2023, the portion of these foreign-born workers who were not U.S. citizens still had double the unemployment rate than in 2019.
Post-Pandemic Recovery Remains Uneven Previous reports by the Comptroller show young workers are experiencing the highest unemployment rates in New York City when compared to older workers. In 2023, the unemployment rate was 15% for 16-to-24-year-old immigrant workers, which was up from 10% in 2019. Older adults born outside the U.S., however, have seen improved unemployment rates since the pandemic and have found work at a greater rate than older native-born New Yorkers.
More Immigrant Workers Pursuing Self-Employment The number of people self-employed since 2019 increased in New York City, surpassing the national average in 2023 with more than 10% of the workforce becoming new entrepreneurs. Foreign-born workers in the City made up nearly 49% of the self-employed population whereas nationally, they made up only 23% in 2023.
DiNapoli recommended:
The city do more to support all younger workers, including immigrants, by advertising and uplifting the Summer Youth Employment Program, which is open to residents 14 to 24 with work authorization.
The state Department of Labor improve how it evaluates and reports which employers hire asylum seekers and which jobs are accepted.
The city make business ownership easier for foreign-born workers by eliminating language, literacy and technological barriers along with increasing financial education and eliminating bureaucratic red tape.
City agencies provide necessary and timely resources for residents to succeed in the workforce.
The federal government speed up court processing and work permits and increase aid to the state and city for asylum seekers.
New York State Comptroller Thomas P. DiNapoli released the following statement on the New York City Mayor’s 2024 State of the City address:
“Public safety, affordability, and economic growth must guide future investments for New York, but the city is facing serious challenges, including unsustainable spending on the migrant crisis, growing housing costs and federal pandemic aid coming to an end.
“The city needs federal funding and policy changes to help manage asylum seeker costs. At the same time, the city must work with the state to bring rising housing costs under control, and I commend the Mayor’s proposals to help keep New Yorkers in their homes.
“Going forward, reducing spending will be harder because programs and services that help working families afford the city will likely need to be paid for when federal pandemic aid runs out. While better than projected revenues and city savings initiatives have helped balance the budget through fiscal year 2025, sizable budget gaps exist in the outyears. Finding new ways to reduce spending that avoid hurting city services and limit impacts on the city’s economic recovery will be necessary.”
Over $27 Million in Unused Gift Cards Recovered by DiNapoli’s Office in 2023
New York State Comptroller Thomas P. DiNapoli is urging New Yorkers to keep track of the gift cards they received during the holidays. Unused gift card balances can be turned over to the Comptroller’s Office of Unclaimed Funds (OUF) after five years of inactivity. In 2023, the Office recovered over $27 million from gift cards. For this reason, everyone should check for unclaimed funds.“Many people don’t realize that after 5 years, unused gift card balances are turned over to the Comptroller’s Office of Unclaimed Funds,” DiNapoli said. “Now is a great time to check for unclaimed funds and use those gift cards you received over the holidays to avoid possible inactivity fees or having the money turned over to my office.”Statewide, New York City residents are owed the most in unclaimed funds stemming from gift cards, totaling nearly $40 million, followed by Long Island residents at $10.8 million and Hudson Valley residents at $7.4 million. DiNapoli’s office returns an average of $1.5 million in unclaimed funds every day and works with retailers to identify the owners of unused gift cards. Retailers can provide OUF with a name if the person registers the gift card online, if they have been issued a refund, or if the card was purchased with an existing store account. If the owner’s information is not known to a New York retailer, it will report the card details, such as card number and balance, which can be used by the recipient to claim the balance. The Comptroller’s office also sends letters to newly reported owners of unclaimed funds. DiNapoli reminds gift card recipients to read the fine print on the card for details about any fees and expiration dates, and to consider registering the card with the retailer. DiNapoli’s office has more than $18.4 billion in unclaimed funds. Albany Phone: (518) 474-4015 Fax: (518) 473-8940 NYC Phone: (212) 383-1388 Fax: (212) 681-7677 Internet: www.osc.state.ny.us E-Mail: press@osc.state.ny.us
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Comptroller’s Report Calls for Continued Investment and Community Engagement to Revitalize Neighborhood
The COVID-19 pandemic hit the South Bronx especially hard, but the area’s economy has shown resiliency, according to a report released today by New York State Comptroller Thomas P. DiNapoli.
“The South Bronx was hard hit by the COVID-19 pandemic but was resilient because of dedicated and hardworking neighborhood groups and advocates, and the strength of its residents,” said DiNapoli. “Still, the need for more affordable housing, jobs and quality of life improvements remains pivotal to the community’s long-term success.”
Despite the impact of the pandemic, jobs and businesses grew faster in the South Bronx than the rest of the borough and city. This was due in part to community-led investments through the pandemic, stemming from the city’s public-private partnerships to develop commercial, housing and cultural projects. From 2011 to 2022, the South Bronx saw a 25% and 20% increase in jobs and businesses, respectively, led by the health care and social assistance sector. While the area lost 7.7% (6,150) of jobs gained the decade prior due to COVID, the South Bronx added 4,679 jobs in 2022, while new businesses saw an uptick. Federal pandemic assistance helped many South Bronx businesses stay afloat, and in 2022, the area had 78,476 private sector jobs, which accounted for almost one-third of jobs boroughwide.
“Though the South Bronx was negatively impacted by the COVID-19 pandemic, thanks to the creative solutions of neighborhood groups, federal pandemic assistance, and the resiliency of our community, we were able to weather the worst of the storm together,” said New York City Councilmember Rafael Salamanca. “As we now come out of this post-pandemic economy, the need for greater economic stimulation has only risen. Better paying jobs, truly affordable housing, reduction of high crime rates, and quality healthcare must be addressed to truly provide Bronxites a share in an equitable economy. I thank Comptroller DiNapoli for the leadership he has taken on this issue, and I look forward to continuing to work with him to provide a better quality of life for all South Bronx residents.”
“The Comptroller`s report highlights exactly what we know to be true – that the Bronx is resilient and that our residents and small businesses are creating the blueprint for promoting economic growth and prosperity in our city,” said Bronx Borough President Vanessa L. Gibson. “Despite the South Bronx being one of the neighborhoods in our borough hardest hit by COVID-19, we are seeing this community rebound as a result of public-private investment that has helped to keep our mom-and-pop stores open, provide safe and quality housing for our residents, and decrease historic poverty levels that for years have prevented Bronxites from achieving the American dream. The data from this report is promising and is a beacon of hope for our borough. But for us in the Bronx, this is the floor and not the ceiling. In partnership with our Bronx Economic Development Corporation, colleagues in government, nonprofits, and private partners, we will continue to fight for economic justice and equity in our borough.”
“In the face of the COVID-19 storm, the South Bronx stood resilient, fortified by the dedication of neighborhood groups and advocates, like the Bronx Chamber of Commerce, specifically the Small Business Resource Network Program, and the unwavering strength of its residents,” said Lisa Sorin, President of the Bronx Chamber of Commerce. “Amidst the challenges, the community’s growth, both in jobs and businesses, became a testament to the power of collective efforts and strategic investments, showcasing the transformative impact of public-private partnerships and community-driven initiatives. As we celebrate their success, it is vital that we continue to invest in programs that help them grow and thrive.”
“During the early days of the COVID-19 pandemic, business declined more than 30% at Hunts Point Produce Market, a South Bronx staple,” said Phillip Grant, CEO of the Hunts Point Produce Market. “Despite these initial setbacks, the market proved its resilience and ability to withstand economic shocks,” says Phillip Grant, CEO of the Hunts Point Produce Market. “As an essential business, we remained open and fully staffed during the worst of the pandemic, providing the New York region with an uninterrupted supply of fresh fruit and vegetables amid global shortages. Of the market’s 2,000 workers, 65% were Bronx-based. The market is proud to serve as one of the borough’s economic engines and looks forward to supporting its dynamic growth, particularly once our $650 million-dollar total renovation is completed.”
“For decades, the South Bronx has faced economic challenges due to lack of investment along with a host of other causes,” said New York State Senator José M. Serrano. “The COVID-19 pandemic only exacerbated these challenges in the Bronx and across New York State. According to Comptroller Tom DiNapoli’s report, the South Bronx has shown economic resilience despite the impact of the pandemic, largely due to the efforts of neighborhood groups and advocates, who worked tirelessly to ensure that ongoing investments were directed to initiatives in our community. Many thanks to Comptroller DiNapoli for compiling this report that highlights the potential of the South Bronx while emphasizing the pressing need for continued investment.”
“The South Bronx’s remarkable resilience and economic progress, as detailed in Comptroller DiNapoli’s report, are sources of great pride and inspiration,” said New York State Senator Luis Sepúlveda. “This is a powerful testament to the indomitable spirit of the community, and the efficacy of our collective efforts during trying times. Despite the severe challenges posed by the pandemic, the South Bronx has not only recovered but has set a shining example of growth and tenacity. I extend my heartfelt congratulations to every member of this community, every local business, and all the dedicated organizations that have played a pivotal role in this journey. Your hard work and perseverance have turned challenges into opportunities for development and prosperity. This success story reaffirms our commitment to continue working collaboratively, supporting the economic and social wellbeing of our communities. Let’s use this momentum to further address the critical issues of affordable housing, healthcare access, and educational opportunities. Together, we can build a brighter, more equitable future for the South Bronx and beyond.”
“The South Bronx is resilient, just like its people. Regardless of the challenges faced by residents, businesses, and community organizations, the community consistently bounces back, pushing itself forward,” said Diana Ayala, Deputy Speaker of the New York City Council. “Confronting adversity head-on is deeply ingrained in the essence of these neighborhoods. Despite the South Bronx showcasing resilience and progress in the wake of the pandemic, it remains imperative for elected officials to join forces and ensure that the flickering flame of growth is carefully nurtured. This calls for investments in affordable housing, the creation of higher-paying job opportunities, and the establishment of a ladder for our residents to ascend the socio-economic ranks within the vibrant economic landscape that is New York City.”
“In the face of adversity, the Bronx continues to prove its resilience despite the historical systematic barriers by weathering the storm of the COVID-19 pandemic,” said New York City Councilmember Althea Stevens. “The recent report from New York State Comptroller Thomas P. DiNapoli affirms what we’ve known all along – our community is strong, driven by the dedication of neighborhood groups, hardworking advocates, and the unwavering strength of our residents. The support provided by federal pandemic assistance has been crucial in helping many businesses in the South Bronx stay afloat during these challenging times. As the community is grateful for this assistance, we must remain proactive in addressing the evolving needs of our communities. Together, we can build a resilient and thriving community that benefits all.”
The South Bronx also saw the median household income rise 30.9%, poverty decline 3.4%, and more people move to the area from 2011 to 2021. According to most economic indicators, the area’s economy has proven more resilient than the borough as a whole following the worst waves of COVID. Still the South Bronx has a higher overall poverty rate (36.3%), a lower median household income ($32,381) and fewer adults who graduate from college (14%) when compared to the borough and city. The pandemic further shined light on systemic health, socioeconomic, and environmental disparities in the area.
Looking ahead, DiNapoli points out that more needs to be done to address the community’s concerns on crime, affordable housing, physical and mental health care, and quality of life. DiNapoli encourages continued engagement by elected officials to drive investment in the development and revitalization of the South Bronx, warning its economic recovery could otherwise stall.
This is Comptroller DiNapoli’s 28th economic snapshot report. These reports track economic conditions and fiscal health of various boroughs and neighborhoods in the city. Following the pandemic, DiNapoli focused on the hardest hit areas to help promote their recovery. The South Bronx economic snapshot includes additional analysis on the Hunts Point Food Distribution Center and follows the Comptroller’s Bronx reports from June 2021 and July 2018.
State Agencies Can do More to Expand Program’s Reach, Audit Finds
The Nourish New York program (Nourish NY) was created to help the 1-in-10 New Yorkers facing food insecurity and local farmers by connecting food banks to New York-grown products. However, an audit released today by New York State Comptroller Thomas P. DiNapoli found the agencies jointly managing Nourish NY may have limited the program’s ability to fund certain food bank purchases, and thus benefit fewer area farmers.“The Nourish New York Program is vital and addresses significant needs in both rural and urban communities to combat food insecurity,” DiNapoli said. “The state’s Department of Health and Department of Agriculture and Markets need to provide stronger oversight to help the program reach its full potential. Greater and clearer guidance to food relief organizations will enable them to get the funds needed to buy New York-made farm products and should help increase the number of participating farms.”Nourish NY is jointly managed by the New York State Department of Health (DOH) and the New York State Department of Agriculture and Markets (Ag & Mkts). The program launched in May 2020 to help with the pandemic’s food supply chain disruptions. It was then permanently signed into state law in November 2021 and has been allocated $147 million in funding through March 2023.Regional food banks contract with DOH to receive these funds and allocate them to local soup kitchens, food pantries, food banks and other community-based organizations to purchase New York grown farm products. DOH reviews and approves all claims for payments, relying on verification from Ag & Mkts that purchases made with Nourish NY funds meet program requirements.DiNapoli’s audit revealed DOH approved $22.7 million in purchases from May 2020 through March 2022, despite not having adequate documentation to support the food products were grown in New York as required under Nourish NY. Auditors noted this often occurred because local food providers only submitted lump sum expenses to the regional food banks, as opposed to a breakdown of products purchased, which was not required of them by DOH.Ag&Mkts could not always verify the source of the farm products purchased despite this being their responsibility. In a review of 165 food purchases, totaling almost $1 million from distributors, neither the agency nor the food relief organization could provide the required documentation.DOH also provided little guidance to food relief organizations on what administrative costs NY Nourish funding could cover. As a result, the audit found DOH approved over $8.9 million in administrative reimbursement that could not be verified due to insufficient documentation. Auditors concluded DOH needs to improve its oversight, otherwise, funds could be improperly used for expenses not associated with Nourish NY.Auditors also found that DOH applied Hunger Prevention and Nutrition Assistance Program standards to Nourish NY. Applying these more rigorous nutritional standards left food relief organizations unable to purchase certain foods commonly produced in New York, such as honey, maple syrup, and whole milk. DOH’s decision to combine funds for both food assistance programs and not supply adequate guidance of these standards to food relief organizations led to some area farms unable to participate in the program. Further, the audit points out that under the law, Nourish NY does not restrict purchases based on whether products meet certain nutritional standards.The audit determined vendor participation could be increased in the Nourish NY Program. North County had the fewest participants in the program of any region statewide with 16. Vendor participation was also low in the Southern Tier (28), Mohawk Valley (29), New York City (33), Central New York (36), Western New York (39) and Long Island (39), while the Capital Region had the most participants with 102 followed by Mid-Hudson with 97 and the Finger Lakes with 78 vendors. Ag & Markets officials identified measures taken and planned to encourage farmer participation in the program.“We created Nourish NY as a pandemic lifeline to combat the unprecedented rise in food insecurity while providing crucial support to our struggling farmers,” said State Senator Michelle Hinchey, Chair of the Senate Agriculture Committee. “Anything that obstructs this now essential state program demands immediate resolution. I thank State Comptroller DiNapoli for conducting this audit, which will realign Nourish NY back to serving everyone it is meant to help—effectively bridging the gap between food bank demand and locally grown food from our farmers.”“Over the last several months, my colleagues in the legislature and I have been working hard to find solutions to the problems that at least one of these agencies seems to be experiencing with the timely disbursement of the Nourish monies,” said State Assemblymember Catalina Cruz. “The results of the audit conducted by State Comptroller DiNapoli highlights a symptom of the larger systemic issues with the implementation of Nourish, which is creating grave concern amongst farmers, distributors, and food banks. Any disruption of services will absolutely result in our neediest and most vulnerable community members again facing serious food insecurity issues. I sponsored Nourish New York to not only support our statewide local farms but to combat hunger in the neighborhoods needing assistance, and the failure to provide an immediate and full resolution of the issues outlined in the State Comptroller’s report, as well as other problems plaguing the management and administration of monies, guts the entire purpose of the legislation. I want to thank the State Comptroller for his thoughtful and swift response and look forward to an adequate and comprehensive solution from the Executive.”“I am grateful to State Comptroller DiNapoli for this thorough and critically needed audit of the implementation of Nourish NY,” said State Senator George Borrello. “As a member of the bipartisan coalition that worked to establish Nourish as a permanent program, we all have great dedication to this initiative and its mission and want to see it succeed. The path towards that goal starts with adopting the recommendations of this audit. I am particularly gratified that the report concurs with me and my colleagues that the decision to merge the funding for Nourish NY and HPNAP led to challenges and needs to be overhauled. Addressing that issue as well as the others outlined in the report represent the blueprint for the program’s growth and impact for years to come.”“Nourish NY provides aid to hundreds of New Yorkers across the state grappling with food insecurity,” said State Senator Monica Martinez. “It is critical this program aligns with its original intent and remains a sustainable and accessible option for food relief organizations. Eligibility requirements should be clearly communicated to avoid a reduction in participation and ensure nutritional food assistance needs are being met.””As conceived, Nourish NY’s purpose is both noble and necessary: to combat food insecurity while supporting our local farmers,” said State Senator Rachel May. “The State Comptroller’s report offers useful recommendations to improve this new and evolving program, and I believe that both departments will work together to enhance the documentation process, boost vendor participation, and properly serve the residents and farmers across our state.”We applaud Comptroller DiNapoli for his dedication to improving New York State’s efforts to combat hunger,” said State Assemblymember Michaelle C. Solages, Chair of the NYS Black, Puerto Rican, Hispanic, and Asian Legislative Caucus. “The Nourish NY program, championed by leaders like Assemblymember Cruz and other members of the Caucus, plays a pivotal role in providing critical food services to underserved communities. It is great to see both the Department of Health and Ag & Markets responding positively to State Comptroller DiNapoli’s audit, and we anticipate collaborating with all stakeholders to further enhance this vital program.””The Nourish New York program was designed to help bolster the efforts of local food banks and food pantries by building partnerships with local farms, furthering the ability for food insecure New Yorkers to receive assistance,” said State Assemblymember Linda B. Rosenthal, Chair of the Assembly Committee on Housing. “Especially here in New York City, the need for food relief has only grown since the start of the pandemic and with the rising cost of groceries, families are struggling to get by. It is my hope that the recommendations outlined in State Comptroller DiNapoli’s audit will be quickly implemented so that communities around the state can benefit from the strong collaboration between farmers and hunger prevention organizations that the program envisioned.””It is disappointing to hear that Nourish NY has lacked the crucial support and oversight it needs,” said State Assemblymember Kimberly Jean-Pierre. “This program was designed to help New York’s farmers, combat food insecurity, and strengthen our communities. It is clear the lack of oversight has hindered this program from reaching its highest potential. Food banks are critical to my constituents and utilized by community members from all walks of life, including veterans, senior citizens and families facing food insecurity. Recommendations such as improved guidance, stricter oversight, and increased data analysis will help ensure the program’s effectiveness. I applaud the State Comptroller for looking into this issue and look forward to his recommendations being implemented. Our farmers and communities deserve no less.”“The Nourish New York program is vital in helping support struggling New York families as well as local farmers statewide,” said State Assemblymember Keith P. Brown. “Without it, families reliant on food banks and pantries would not have access to nutritious, locally grown foods provided by area farmers. I fully support the efforts of State Comptroller DiNapoli to seek to expand Nourish NY, so food banks have the funding required to purchase healthy farm-to-table foods for New Yorkers battling food insecurity.”“As a strong advocate of Nourish New York, it is evident that the findings of State Comptroller DiNapoli’s audit highlight the need for improved communication, documentation, and criteria to ensure the program’s success in our communities,” said State Assemblymember Fred W. Thiele Jr. “This program is not only essential for supporting our local farmers but also for providing nutritious food to those in need across our communities.”To help improve the program DiNapoli’s audit recommends:DOH and Ag&Mkts work together to establish criteria for Nourish NY purchases that most effectively balances the needs of its various stakeholders and improve communication of that guidance to food relief organizations and vendors.DOH and Ag&Mkts improve oversight of Nourish NY, including reviewing processes to enhance documentation requirements and ensure purchases are from eligible sources.DOH communicate guidance to food relief organizations on eligibility requirements for purchases made under the Nourish NY program.Ag&Mkts improve vendor participation data collection and reliability, and use this to build the program’s effectiveness and increase participation by farms, producers or processors in the program.In response, DOH and Ag&Mkts generally agreed with the audit’s recommendations and are looking to improve NY Nourish and their collaboration to further support the program’s mission of helping more food banks and farmers. To date, the program has helped food relief organizations purchase more than 94 million pounds of New York products and supported 4,333 farms and agricultural businesses across the state. The agencies’ responses are included in the audit.Report Oversight of the Nourish New York ProgramPrior reports New Yorkers in Need: Food Insecurity and Nutritional Assistance Programs New Yorkers In Need: A Look at Poverty Trends in New York State For The Last DecadePrior Analysis Economic and Policy Insights ###Albany Phone: (518) 474-4015 Fax: (518) 473-8940 NYC Phone: (212) 383-1388 Fax: (212) 681-7677 Internet: www.osc.state.ny.us E-Mail: press@osc.state.ny.us
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Audit Finds Parks Has Made Some Progress in Improving Accessibility, But Significant Work Remains
Parks across New York State were found to have inaccessible entrances and restrooms, obstacles on access trails and paths, and limited parking for people with disabilities, according to an audit released today by New York State Comptroller Thomas P. DiNapoli. The Office of Parks, Recreation and Historic Preservation (Parks) oversees more than 250 parks and historic sites and works to ensure compliance with the Americans with Disabilities Act (ADA). While the parks examined generally met the ADA’s minimum standards, auditors found they could be significantly improved to make them far more accessible.
“New York State strives to promote inclusivity and broad access to all the resources it has to offer, and this includes our state parks and historic sites,” said New York State Comptroller Thomas P. DiNapoli. “The Office of Parks, Recreation and Historic Preservation recognizes the importance of improving accessibility to the New York State parks system, but must do a better job incorporating this goal into its processes for maintaining and operating its sites, and improve its communications with and responsiveness to the public.”
Auditors reviewed 40 parks across New York State from January 2018 to October 2022 and examined 1,446 amenities such as restrooms, campsites, swimming areas, playgrounds, pavilions, elevators, boat launches and parking. Auditors found that 62% of them could be improved to enhance accessibility. These included correcting mislabeled ‘accessible’ signage, fixing rough or uneven access routes, increasing the number of wheelchair accessible stalls in restrooms and ensuring there are more accessible, clearly labeled parking spaces.
Several parks had accessibility information misrepresented online, while others had incorrect accessibility signage on-site. During the audit, parks officials said they would take steps to improve the accuracy of the posted information.
The audit found some parks had taken steps to improve accessibility. At many beaches and pools, wheelchairs were available and mats were put down to improve access to the water. Signage for such amenities were prominent at some parks, while others offered unique amenities. For example, Midway State Park offered a wheelchair accessible playground, and Letchworth State Park had an Autism Nature Trail, featuring sensory stations to help children with autism and all visitors explore nature. Braille was also on all signage along the trail.
In 2015, Parks developed a Transition Plan as required by the ADA after identifying physical obstacles for people with disabilities at its parks and historic sites. However, auditors found that the plan did not include a specific timetable for making accessibility improvements, had not been updated for eight years, and little action had been taken to implement the plan’s provisions. Staff at state parks said they perform periodic walk-throughs or try to address complaints related to accessibility, but most were not aware of the plan.
The audit also found Parks did not establish grievance procedures as required by the ADA. Although Parks provides a general complaint form and email address for patrons to contact, the agency had not established or published procedures to ensure fair and prompt resolution of complaints, as required. Instead, each park developed its own process for handling and tracking complaints related to accessibility, which makes it difficult to determine if they were adequately addressed. Auditors reviewed 27 complaints at 14 parks, and when those parks were visited, it was observed that little had been done to address the complaints.
Additionally, the ADA requires Parks to have at least one ADA Coordinator responsible for coordinating compliance with the law and investigating related complaints. This person’s name and contact information must also be made available to the public upon request, but Parks could not definitively identify who filled the position from January 2018 to March 2022. It was determined the position was vacant for at least four months, but possibly longer. During the audit, Parks assigned a new ADA coordinator in March 2022.
Comptroller DiNapoli recommended Parks:
Incorporate accessibility into its processes to operate and maintain parks that covers:
Communicating and training park staff on ADA requirements.
Monitoring new construction and alteration projects to ensure ADA compliance.
Developing procedures to record and address accessibility complaints.
Assessing potential barriers to accessibility and addressing potential improvement areas identified in the audit and the Transition Plan to the extent feasible.
Improve accuracy of publicly reported information on accessibility, both online and through park signage.
In response, Parks agreed with the audit’s recommendations, and as a result will conduct a multi-faceted review of its policies, facilities, and programs to improve accessibility.
The COVID-19 pandemic has caused property tax disparity to worsen in New York City, driving housing costs higher for many, according to a report released today by New York State Comptroller Thomas P. DiNapoli. Property tax disparities have been well documented for decades by advocates, fiscal monitors and the city, but the report found even when property values declined for many condos, co-ops and rental apartments due to the pandemic, property tax bills continued to rise. The State Comptroller determined this was due in part to market volatility and aspects of how the city calculates property taxes.
“New York City’s residential real estate market has proven resilient to the pandemic as prices remain strong,” said DiNapoli. “This benefits the city because property taxes account for about 45% of the city’s revenue. However, property tax disparity has gotten worse since the pandemic, which is concerning because it’s driving up housing costs for those less able to afford it, and at the same time, the city faces a shortage of affordable housing. A recalibration of the process used to determine tax bills is needed if the city wants to remain accessible to working- and middle-class families.”
New York City sets different tax rates based on class of property, including for single or multifamily homes with more than three units. In addition, co-ops and condos are generally not assessed based on market value driven by sales prices, but instead on the value of similar apartments, including rent stabilized units or those in a building receiving a tax exemption.
Market value increases are also limited by annual and five-year caps that differ based on property type. As a result of these caps, a decline in market value on lower-valued properties does not necessarily result in a lower tax bill. Instead, lower-valued properties more often bear a far greater tax burden than the city’s highest valued properties.
For example, during the Great Recession the median market value for family homes dropped by 14.3%, but the median tax bill increased by 32.5%. Similarly, during the pandemic, the median market value for multifamily properties declined by 2.7% but the median tax bill increased by 5.8% from fiscal years 2021 to 2023. For rentals, tax bills grew 9.6% in the same period, despite a market value decline of 0.3%.
DiNapoli’s report found these differences were even more pronounced from fiscal years 2007 to 2024 as the gap in tax burden based on property value continued to widen. The median tax bill for the city’s most expensive family homes grew by 131% during this period, compared to 149% for the city’s least expensive homes.
Renters are also impacted by the city’s tax system even though they do not own their homes. While tenants do not pay property taxes directly, property taxes represent a large cost to the building owner which is often passed on to renters. During the pandemic, rental properties in the top 20th percentile saw a market value decline of 2% and tax bills rose by 2.1%, while the bottom 20th percentile saw the market value rise by 1.7% and tax bills go up by 11%.
Overall, the pandemic drove New York City’s residential property values up 11% since fiscal year 2021, but not in Manhattan, which is home to some of the city’s most expensive residential real estate. Market value increases were more concentrated in the outer boroughs in working-to-middle-class neighborhoods.
DiNapoli recommends city and state leaders continue their efforts to address disparities in the levying of property taxes, which represent an outsized share of owner costs, especially for lower-income households. The State Comptroller also suggests they consider:
Accounting for how residential property taxes respond to economic disruption to avoid worsening existing issues.
Revisiting the Advisory Commission on Property Tax Reform’s recommendations to reform the current tax system while maintaining the level of total tax collections.
Working to address the city’s lack of affordable housing, including consideration for tax incentives to promote their construction and rehabilitation.
New York City Industry Employment Trackers Show Arts, Retail and Construction Remain Pre-Pandemic Levels
New York City has recovered 99.4% of private sector jobs it lost in the pandemic, but unevenly across key industries, according to an analysis released by New York State Comptroller Thomas P. DiNapoli.
“The city’s job recovery is good news,” DiNapoli said. “We are seeing strength in the securities, transportation and warehousing and office sectors, but retail, restaurants, construction and tourism continue to lag the national recovery. We need these sectors, which employ hundreds of thousands of workers, to also regain their full pre-pandemic strength to ensure the city’s economic recovery is more robust and inclusive of all New Yorkers.”
Comptroller DiNapoli monitors several industries vital to the city’s comeback and provides monthly updates on the New York City Industry Sector Dashboards, which he launched last year. Key findings across the arts, entertainment and recreation, construction, office, restaurants, retail, securities, tourism and transportation and warehousing sectors include:
The arts, entertainment and recreation sector saw an uptick in employment in March of 2023.
The sector has recovered only about 85% of pre-pandemic jobs, lagging the national job recovery rate for the sector of 96.4%.
Broadway reopened in September 2021 and makes up one of the largest shares of arts jobs but has been slow to come back. Attendance exceeded pre-pandemic levels for the first time in January of 2023, but has since remained below pre-pandemic levels.
As of March 2023, the restaurant sector has recovered 95.5% of pre-pandemic jobs, slightly below the rest of the state at 97.3%, and the nation, which has already fully recovered.
At the height of the pandemic, restaurants lost 73% of jobs compared to 22% in the rest of the private sector.
The sector has yet to recovery nationally, and tourism employment in the city is still nearly 15% below the pre-pandemic level at the end of the third quarter in 2022.
Hotel occupancy was about 74% in 2022, far below pre-pandemic levels.
As of March 2023, the construction sector has yet to regain 8% of its pre-pandemic jobs. Year-to-date activity in 2023 lags the same period last year, although construction activity was strong in 2022.
At the onset of the pandemic, the construction sector lost 46% of its jobs compared to only 22% for the private sector, as New York State paused nonessential construction.
Over the last year, the sector has been hit by the rising interest rate environment influenced by the Federal Reserve’s actions to combat high levels of inflation.
The securities sector did not see a notable drop in employment at the onset of the pandemic, as employees were able to shift to remote work.
While the sector has experienced fluctuations in employment, job growth in the city continues to surpass that of the rest of the state. The sector is currently 6.4% larger than in 2019.
Sector profits reached $25.8 billion in 2022, 55.8% less than the prior year.
The sector has recovered pandemic job losses despite being hard hit at the onset of the COVID-19 pandemic.
Employment growth was especially strong in warehousing and storage, and courier and messenger services, due to increased demand for e-commerce.
The Port of New York and New Jersey surpassed Los Angeles and Long Beach, California to become the biggest port by number of large shipping containers.
The office sector, which includes the information, financial and real estate, and professional and business services industries regained pandemic job losses by January 2022.
As of March 2023, jobs in the sector were almost 4% above the pre-pandemic level in 2019.
Workers continue to return to the office, with the latest data showing an office occupancy rate of nearly 60% on peak days such as Tuesdays. However, concerns over commercial office space linger as vacancy rates remained at 22.2% in the first quarter of 2023.
These dashboards follow a series of reports DiNapoli’s office released over the past two years on the effect of the pandemic on these sectors.
Track state and local government spending at Open Book New York. Under State Comptroller DiNapoli’s open data initiative, search millions of state and local government financial records, track state contracts, and find commonly requested data.
New York State Comptroller Thomas P. DiNapoli released the following statement on Mayor Adams’ executive budget for Fiscal Year (FY) 2024:
“The city has laid its fiscal cards on the table, including budget risks my office has raised in recent years. The mayor’s executive budget provides a more transparent accounting for new costs associated with collective bargaining wage increases and asylum seekers. It also shows stronger than projected city revenues and additional savings from the Program to Eliminate the Gap (PEG).
“While the budget is balanced for FY 2024, the city faces challenges in the future as out year budget gaps have grown and projected savings from the PEG will not be enough to offset these new costs. This suggests it will become even more difficult for the city to find savings without affecting services over time. The budget gaps, which could reach $10 billion in FY 2027, also highlight the importance of further building up reserves, a missed opportunity in the current fiscal year.
“The cost of asylum seekers, unbudgeted at this time last year, is expected to reach $2.9 billion in FY 2024, larger than the Fire Department’s operating budget. The city then budgets $1 billion for migrants in FY 2025 and zero thereafter, creating some uncertainty and highlighting the difficulty with accounting for this cost. The city assumes the state will provide nearly a third of the funding support needed but federal funds are not there and greater clarity from the federal government is needed to manage the situation.
“The delay in the state budget has created additional fiscal uncertainty for the city, which will have to be remedied in the city’s adopted budget expected in June. A swift agreement by the legislature and Governor will provide New York City, and other localities whose fiscal year is set to begin, greater certainty in managing their budgets.”
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Track state and local government spending at Open Book New York. Under State Comptroller DiNapoli’s open data initiative, search millions of state and local government financial records, track state contracts, and find commonly requested data.
