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Economy

“I believe in New Yorkers. Whether they’ve ever questioned the dream in which they live, I wouldn’t know, because I won’t ever dare ask that question.”

- Dylan Thomas

Our city is in serious economic trouble. The pandemic has cost us hundreds-of-thousands of jobs and billions of dollars in revenue.

And the deep hole we find ourselves in is not entirely due to COVID-19. Our economy was built on uneven ground: pervasive inequality, with just a few sectors accounting for most jobs, and vast wealth disparities. Before the pandemic, Latino and Black households in the city averaged approximately half the income that white households did.


Our recovery starts with public health and public safety. But there are other things we can and must do immediately to save our economy. Some things will take years. Some things will take a generation. But we must get started now on all. Here’s how we bring back New York better than ever.

Eric Adams Speaking Infront of Outdoor Dinning Area

Step 1 - Protect what we have built and who built it

Since the pandemic and its disastrous impact on this country’s economy, we have seen a significant downturn that is far worse than most American cities’. Estimates are that, even after the COVID crisis is somewhat under control, New York City will have half-a-million fewer jobs than before the pandemic. We have to right the ship, fast.


Step 2 - Create a stronger, deeper, fairer 21st Century economy

New York City must position itself to lead in the industries of the future: the green economy, healthcare/biotech, digital technology and cybersecurity. Our workers were unprepared for this even before the pandemic. Invest in green infrastructure projects through a municipal bond program.


Step 3 - Create an equitable economy that gives everyone the opportunity to thrive

Black and Brown communities were sidelined as the New York City economy flourished. For instance, the communities I grew up in — Brownsville and South Jamaica — continue to experience significant unemployment while massive development and economic expansion occurred in other parts of the city. Those communities have waited long enough — now we will build an inclusive economy for them that is equitable and enduring.

Sincerely,

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