Economic development is not just building new things. Part of the art of economic development is preserving what you have. Sometimes the City has not done a good job of preserving what it has. Throughout the last century, we have not
consistently preserved our subways, our highways, and our bridges. In the last fifteen years, we have paid the price for that in the form of huge capital budgets and expenditures for the cost of finance in our capital budgets. We
pulled the money out of maintenance to deal with the financial crisis. That’s one of the big mistakes. We should learn from that mistake and not repeat it.
Source: State of City Address, New York City
Jan 13, 2000
Fiscal responsibility turned $2B deficit into $2B surplus
NYC government used to be renowned for its heavy taxation, chronic mismanagement and anti-business philosophy. Between 1990 & 1993 this resulted in the loss of over 320,000 jobs and a $2 billion budget deficit. Under Rudy Giuliani’s leadership, the city
has embraced a philosophy of fiscal responsibility. Taxes have been reduced by $2.3 billion and at the same time the City has turned the $2 billion dollar deficit into a $2 billion budget surplus. As a result of this philosophical shift, businesses are
reinvesting in the City at a record rate. Over the past 5 years the City has gained more than 305,000 jobs, marking the highest rate of private sector job growth in the city history. In fact, Fortune magazine named NYC “the most improved North American
City for business.” The City’s renewed pro-business stance, tax incentives & crime reductions have allowed for new businesses to develop in areas of the city that had struggled in the past, as existing businesses have grown and prospered.
Source: RudyYes.com, “Proven Leadership” web site
Dec 9, 1999
Record tourism based on revitalization
In 1998, the City had a record 34 million visitors, which continued a record setting 3-year trend. Last year, tourism contributed over $14 billion to NYC’s economy. The revitalization of Times Square has led to Broadway’s most successful
year to date. With the reduction of the Hotel Occupancy Tax, hotel business is booming. The City opened more than 8 brand new hotels, including the Renaissance Hotel in Downtown Brooklyn. This was the first new hotel built in Brooklyn in 50 years.
Source: RudyYes.com, “Proven Leadership” web site
Dec 9, 1999
Entertainment revitalization contributes to economy
The City unveiled plans for Hudson River Studios, a new television & film complex, in SoHo. This project will help to expand our ever-growing television and film industry, which in turn contributes to both private sector job growth and the
City’s economy.
In 1998, NYC continued its record-breaking success in film & television. Both industries contributed a total of $2.57 billion to the City’s economy. The City has gained a reputation as the “Hollywood of the East.”
The Mayor reached an agreement with the NY Yankees to bring a Minor League affiliate to Staten Island. The Staten Island Yankees will open this year at the Staten Island College baseball field.
The City made plans to build the first golf course in 35 years. The new course will be located along the East River in the Bronx. The city will make all facilities accessible to the general public.
Source: RudyYes.com, “Proven Leadership” web site
Dec 9, 1999
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