Mayor Adams unveils NYC’s economic recovery plan

After New York City lifted the school mask mandate and indoor vaccine requirements, Mayor Eric Adams announces the next big step in the city’s recovery. On Tuesday, he unveiled his vision for the future of New York City’s economy. The “Rebuild, Renew, Reinvent” blueprint aims to accelerate the return to pre-pandemic employment levels, support small businesses, and build a future-focused economy. 

The data included in the economic recovery plan shows that since the beginning of the pandemic, around 66,500 NYC businesses have closed, more than 26,000 of them closed permanently. In December 2021, the city’s unemployment rate was 9.4 percent, more than double the national average, the New York Times reports.  

“New York City’s recovery cannot and will not be about going back to the way things were — we are going to rebuild, renew, and reinvent our city and our economy for today, tomorrow, and generations to come,” said Mayor Adams in the statement released with the blueprint. 

Mayor Adams pledges to provide small businesses with much needed-relief, including dropping a 25 percent surcharge on liquor licenses and launching the small business opportunity fund. 

Additionally, Adams plans to implement different strategies to ensure access to affordable housing in all five boroughs. These strategies include allowing a wider range of unit sizes, changing zoning rules to broaden density allowance, easing the restrictions on the addition of accessory units, and reevaluating existing parking requirements. 

“Our housing needs and our city’s economy are closely tied together,” said Chief Housing Officer Jessica Katz. “Today’s announcement is an important step in building a stronger, more equitable New York, which will help us tackle our critical housing shortage. I’m excited to work with the team as we implement these vital programs and policies.”

Overall, the blueprint includes over 70 concrete actions to ensure New York City’s economic recovery. Mayor Adams plans to focus on hard-hit sectors like tourism and encourage more visitors to come to New York City. Finally, the economic blueprint features the soon-to-be legal recreational pot industry. The cannabis businesses are expected to generate $1.3 billion and add between 19,000 and 24,000 local jobs. 

Resources:

“Adams lays out his economic recovery blueprint,” by Erin Durkin, Anna Gronewold, and Deanna Garcia (Politico, 2022)

“Mayor Adams to "Rebuild, Renew, Reinvent," Unveils Blueprint for NYC's Economic Recovery,” (NYC, 2022)

“Rebuild, Renew, Reinvent: A Blueprint for New York City’s Economic Recovery,” (Mayor Adams, 2022)

“Transcript: Mayor Eric Adams Unveils Blueprint for NYC's Economic Recovery,” (NYC, 2022)

“The ‘Double Whammy’ That Is Slowing New York City’s Job Growth,” by Matthew Haag and Patrick McGeehan (The New York Times, 2021)