News Room

After reportedly seeking $1 billion from New York City and State, JP Morgan Chase abandons effort


As reported in The New York Times, JP Morgan Chase was in talks with New York City and State officials seeking more than $1 billion to build a corporate campus at the Hudson Yards development. That plan has since been dropped. For more detail see our blog post, JPMorgan Chase Abandons $1 billion NYC Subsidy Effort.


Third and Final Round of $2.5 billion of CDBG-DR Funds for Sandy-impacted Region published in Federal Register


On October 16, 2014 notice of the third allocation of CDBG-DR funds was published in the federal register. This triggers the timeline for amendments to the action plan, which will require 30 days for public comment before being submitted to HUD for final approval.


City Council Committee on Economic Development Assesses Effectiveness of NYCEDC


On Thursday, October 2, 2014 the New York City Council Committee on Economic Development held a hearing titled, "Oversight: Evaluating the Effectiveness of Tax Incentives Offered by the New York City Economic Development Corporation." More...

Mayor de Blasio signs executive order expanding the living wage law in New York City


The expansion of the living wage law will raise wages for employees of companies receiving more than $1 million in city subsidies to $13.13/hour without health benefits, or $11.50/hour with health care benefits. It is expected that the expansion will reach over 18,000 workers within five years. More...

September 2014 Economic Development News


State Tax Credits in the Spotlight

Governor Cuomo increased the budget of the Film and Television Tax Credit by over $2 billion during his time in office, and has received over $900,000 in campaign donations from Hollywood executives. 


August 2014 Economic Development News


Bronx Elected officials urge Fresh Direct CEO to pay fair wages

August 8, 2014: A letter to Fresh Direct CEO Jason Ackerman, sent by 18 elected officials from the Bronx urges the company to negotiate a fair contract for its unionized workers (UFCW) and requests that the company halt its practice of engaging "union-avoidance consultants." View related news articles. More...

In the news: Fresh Direct Spurs Border War with New Jersey


Confused about proposed subsidies to the online grocer? You're not alone.  Our breakdown is here.

Fresh Direct, which has received over $2 million in subsidies for its Queens facility, is threatening to move its operations to New Jersey unless it receives an incentive pacakge for a South Bronx location.  City, State and Bronx officials have proposed a subsidy package worth over $100 million. Residents of the South Bronx are responding to the proposed subsidies. A diverse coalition, South Bronx Unite - Stop Fresh Direct  is actively working to block Fresh Direct's potential move to their neighborhood.


Sandy Update: NYC releases its quarterly performance report on CDBG-DR funds


The report, also posted at the NYC Recovery website, covers the period April 1 - June 30, 2014.


Affordable housing advocates and manufacturers encourage mayor to protect industrial business zones


Affordable housing advocates are partnering with manufacturers to encourage the mayor to do more to protect the city's industrial business zones. "The administration has also called for legislation to allow the city's Industrial Development Agency to grant tax breaks not just for industry but for affordable housing as well—a potential dilution of the agency's mission."


July 2014 Economic Development News

New report questions effectiveness of local subsidies for job creation

The New York State Authorities Budget Office released its annual report, which questions the effectiveness of tax breaks given by local authorities for the purpose of job creation. More...