New York City housing costs have grown more than 68% over the last decade, the largest increase of selected major metropolitan areas in the U.S. Housing affordability, which considers the incomes of households, has also worsened in New York City over the last decade, as median rent prices, in particular, grew faster than median incomes. Many New Yorkers may continue to be priced out of their preferred neighborhoods without a substantial increase in the supply of affordable housing units for low- and moderate-income households.

Local sales tax collections in New York State increased by 5.1% in November compared to the same month in 2022. Overall, local collections totaled $1.81 billion, up $88.6 million compared to the same time last year.

Regional Table [.xlsx]

Population shifts during and after the COVID-19 pandemic are changing the face of New York City. In the wake of the pandemic, the City’s populace is overall older and wealthier, with a rebounding population of international migrants and declining shares of White and Black New Yorkers. The cost of living also rose as the pandemic subsided, making the City increasingly more expensive for lower income New Yorkers, who left in greater numbers in 2022.

The number of full-time local government workers employed outside of New York City contracted by 7.9% from 2007 to 2022, largely the result of two defining events – the recession of 2007-09 and the COVID-19 pandemic. This stands in contrast to the nation as a whole, which saw a 2% increase in the number of full-time local government employees over the same 15-year period. This snapshot report highlights these findings and provides additional analysis by local government class, job function and geographic region.

This report examines PIT filings for the pandemic years of 2020 and 2021 and follows up on DiNapoli’s May 2022 report that looked at pre-pandemic taxpayer migration trends.

The Hunts Point Food Distribution Center (FDC) is the largest food distribution center in the United States. The FDC distributes approximately 4.5 billion pounds of food annually, about half of which is for New York City. Modernizing FDC is critical to hardening the food supply for 22 million people in a 50-mile radius, protecting it from climate, power or other interruptions.

The South Bronx has undergone a period of revitalization that has enabled it to thrive as a cultural hotspot within the Bronx and New York City. South Bronx residents continue to face chronic health, economic and environmental challenges, and the City is seeking to address these issues while boosting economic growth. Continued focus on community benefits and active partnership among City departments, community-based organizations, and State and federal leaders, is critical for the long-term success of the South Bronx.

Local sales tax collections in New York State increased by 2.5% in October compared to the same month in 2022.

Regional Table [.xlsx]

New York has led the nation in reducing the number of homeless veterans – largely driven by success in New York City. Between 2010 and 2022, the number of homeless veterans in the State fell by 83 percent. Robust federal funding has supported the programs to achieve the reductions.

Economic indicators show New York City’s economy is recovering from the depths of the pandemic, with the City accounting for three-fifths of the State’s total wages and its sales tax collections rising to 43% of total statewide collections, nearing pre-pandemic levels. This reference document includes major demographic, economic and fiscal indicators that highlight New York City’s contribution to the State. The economic recovery of New York State is ultimately reliant on the continued return of population and business activity in New York City.