Greg David
THE CITY
New York, NY, United States
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Past articles by Greg:
Jobs Grow — Along With the Pandemic Gap Between Rich and Poor New Yorkers
The city gained 83,500 jobs in October, the biggest increase in months, as COVID infection rates dropped. But new reports show New York remains one of the most unequal cities in the nation, with the one percent accounting for a rising share of income. → Read More
Unpaid Property Taxes Leap in New York City as Tenants and Landlords Struggle
The $1.3 billion in pandemic-driven arrears surpasses the debt driven up during the last financial crisis. There’s a split, though, over whether the void will throw the city budget into turmoil. → Read More
NYC’s Small Landlords of Color Among Those Battling for Survival Amid Rent Moratorium
The city could see a repeat of the subprime mortgage crisis of 2008, when a disproportionate share of Black and Hispanic homeowners lost their properties, small building owners and their advocates warn. → Read More
NY Fed: minimum wage hikes didn't kill jobs
New York’s rapid increases in the minimum wage have boosted wages for low-income workers without any loss of jobs, the Federal Reserve Bank of New York said Wednesday. If anything, jobs increased. The report from the New York Fed is a key factor in the never-ending debate about the minimum wage… → Read More
How did de Blasio squander his support?
Two numbers dominated headlines from the Siena College Research Institute poll that was released earlier this week: Fewer than 1% of New York State Democrats would vote for Mayor Bill de Blasio if the New York presidential primary were held today and voters' views of the mayor has hit an… → Read More
Like other Democrats, NYers like the Big 3 candidates
New York Democrats, like their counterparts across the country, have coalesced behind the three leading candidates in the presidential primary campaign. But more Democrats may be undecided, giving at least some hope to the long list of candidates still trying to maneuver their way to the top… → Read More
Mayor blows off property tax reform. What's next?
The day before Mayor Bill de Blasio was elected to a second term, then-Citizens Budget Commission President Carol Kellerman confronted him about the city’s hopelessly unfair property tax system. The mayor promised to do something about it. “I am ready to do it ... When I say something that… → Read More
No, WeWork is not a threat to NYC tech
The headline in Crain’s was certainly alarming. "Woe is We: Revaluation Threatens IPO market, city’s tech economy." Analyzing the news that investor interest in WeWork was so poor that the company was considering slashing its valuation in half, my colleague Aaron Elstein wrote, "Things could get… → Read More
Dramatic drop in NYC union membership
Union membership in New York City declined in the last year, erasing gains the union movement had made during the strong economic expansion of recent years. The annual report on union density in the city and the state from the CUNY School of Labor and Urban Studies, released Monday, reported… → Read More
Push for hotel permits is pure politics
It might have been the most public quid pro quo in recent New York City history. Mayor Bill de Blasio needed someone with money and manpower to back his campaign for president. The powerful Peter Ward of the New York Hotel Trades Council wanted to finally achieve his goal of requiring that the… → Read More
Don't be fooled by Amazon headlines
Six months ago Amazon suddenly pulled the plug on its plans to build a second headquarters in Long Island City and bring 25,000 high-paying jobs to Queens. And in recent weeks a wave of stories, many by Daniel Geiger of Crain’s, have reported that Amazon is still drawn to New York for both… → Read More
Moody's off track about taxing the rich for transit
In my last post I mentioned two significant economic reports for New York City and wrote about one of them. Now I'll take on the other: The analysts at ratings agency Moody’s Investors Services, of all people, suggested that because of income inequality the Metropolitan Transportation Authority… → Read More
Bogus claims about minimum wage and restaurants
August has brought two very significant economic reports for New York. Moody’s Investors Services suggested that because of income inequality the Metropolitan Transportation Authority should get new funding from tax hikes on the wealthy instead of fare increases. And an in-depth New School study… → Read More
Home health care drives job growth
Based on the top line of the New York economy, the city is again defying forecasts of a slowdown in the great jobs juggernaut. The city added 52,000 jobs in the first six months of the year, far more than anyone expected. But there is an asterisk, and it is a pretty big one. The job gains are… → Read More
Fed boosts the market, but soon the election will drive stocks
The Fed’s decision to cut interest rates by a quarter of a percentage point is good news for the seemingly relentless bull market and that’s a boost for Wall Street and New York. But the question remains how soon what drives the market soon will shift to the presidential race. The… → Read More
29% of New Yorkers lack broadband
Almost 1 million New York City households lack broadband internet, with the largest number being seniors, those without a high school degree, those not even looking for work and those living in poverty. The stark figures come from a report issued Tuesday by City Comptroller Scott Stringer, who… → Read More
Rent-reform fallout has already begun—and will only get worse
It’s been only 38 days since Gov. Andrew Cuomo signed sweeping pro-tenant changes in the city’s rent-regulation laws, and the fallout has already begun. Construction workers are losing their jobs, lenders are nervous and landlords are figuring out how to lower the property taxes they pay. … → Read More
Tech drives office leasing in Manhattan
Venture capitalists poured more than $8 billion into New York–based startups in the first six months of the year, and the signs of the expansion of tech companies here are everywhere, as I wrote Thursday. But I didn’t get one key piece of information until after my deadline: Tech is… → Read More
These companies are leading a new city tech surge
The expansion of the city’s tech industry continues at a feverish pace. Venture capital firms poured more than $8 billion into New York-area startups in the first half of the year. One of the city’s most promising property tech firms agreed to be acquired as consolidation sweeps that segment of… → Read More
Time for some facts on Con Ed
Every time Consolidated Edison stumbles, politicians—led by Gov. Andrew Cuomo—can’t wait to excoriate the company. It’s a lesson they learned from the steep political price paid by former Mayor Michael Bloomberg when he defended Con Ed during an incident like Saturday’s blackout. It has been… → Read More