Housing Lottery Launches For 2175 Davidson Avenue In University Heights, The Bronx

 

The affordable housing lottery has launched for 2175 Davidson Avenue, a four-story residential building in University Heights, The Bronx. Designed by Oleg Ruditser of Engineering Professional Service, the structure yields 20 residences. Available on NYC Housing Connect are six units for residents at 130 percent of the area median income (AMI), ranging in eligible income from $87,052 to $146,900.

Units come with name-brand kitchen appliances, countertops, and finishes. Residents also have access to a rooftop terrace. Tenants are responsible for electricity.

At 130 percent of the AMI, there are six studios with a monthly rent of $2,539 for incomes ranging from $87,052 to $146,900.

Prospective renters must meet income and household size requirements to apply for these apartments. Applications must be postmarked or submitted online no later than April 3, 2024.

New York City Council Votes to Declare Continuing Housing Emergency to Maintain Rent Stabilization Laws

 

Council also passed legislation to require Department of Education to report on actual class sizes, rather than averages

Today, the New York City Council voted to declare that there is an ongoing housing emergency to extend the Rent Stabilization Law from expiring on April 1, 2024, to April 1, 2027. To maintain New York City’s rent stabilization laws pursuant to state law, the Council must determine whether there is an ongoing housing emergency every three years, defined as a vacancy rate of less than 5% of the City’s rental housing stock. Findings from the 2023 Housing and Vacancy Survey (HVS) show a citywide rental vacancy rate of 1.41%, the lowest this measurement has been since 1968, and a significant decline from 2021, when the net vacancy rate was 4.54%.

The Council also passed legislation to require the Department of Education (DOE) to report on the actual class sizes of all classes in DOE schools and programs. This bill would also require the DOE to report, on a district, borough, and citywide level, the number and percentage of students in special programs, disaggregated by program type, grade, race or ethnicity, gender, special education status, and English language learner status.

“The shortage of available homes in our city has contributed to an affordability crisis affecting all New Yorkers,” said Speaker Adrienne Adams. “The results from the latest Housing and Vacancy Survey underscore how dire our housing crisis has become, especially for units at the most affordable rates. By passing today’s legislation, the Council will extend the Rent Stabilization Law to ensure rent regulation protections can continue in our city. I thank Chair Sanchez for her leadership and all of our colleagues for supporting this important legislation.”

Declaring Continued New York City Housing Emergency to Extend Rent Stabilization Laws

Introduction 653-A, sponsored by Council Member Pierina Sanchez, would extend the Rent Stabilization Law from expiring on April 1, 2024, to April 1, 2027, based on the declaration of an ongoing housing emergency from findings of the 2023 Housing and Vacancy Survey.

Resolution 256, sponsored by Council Member Pierina Sanchez, would declare that there is a continuation of a public emergency that requires rent control in New York City beyond April 1, 2024.

“New York’s intersecting crises of rising evictions, record homelessness and housing unaffordability are only worsening,”said Council Member Pierina Sanchez. “The most recent housing vacancy survey highlights the lowest vacancy rate on record since the 1960s, showing a 1,4% vacancy rate, with nearly 90 percent of unassisted low-income households severely rent burdened. As the demand for housing continues to surge, and supply remains severely constrained, low-income and working-class New Yorkers are leaving in record numbers. In charting the path forward, we must increase housing supply to accommodate the city’s needed growth, invest in building upgrades and tenant protections so tenants can remain safely in their homes, and increase New Yorkers’ ability to afford our homes so we can stay and contribute to our city’s vibrancy.

Sanchez continued: “Thus, our vote today on my Intro. 653 and Reso 256, which acknowledge the finding of a historically low vacancy rate of 1.4%, allow for the continuation of rent regulation in NYC, a necessary step in providing even a modicum of stability for nearly a million rent regulated city households.”

Tracking Public School Class Sizes

Introduction 45-A, sponsored by Council Member Rita Joseph, would require the Department of Education (DOE) to report the actual class size of all classes in DOE schools and programs. This bill would also require the DOE to report, on a district, borough, and citywide level, the number and percentage of students in special programs, disaggregated by program type, grade, race or ethnicity, gender, special education status, and English language learner status.

In 2022, the New York State Legislature passed legislation mandating that the Department of Education (DOE) limit the number of students in classrooms across all of its K-12 schools, through a 5-year phase-in process beginning in fall of 2023. Though the DOE currently provides reporting on the average class size of all DOE schools and programs, reporting on actual class sizes would provide increased transparency.

“By requiring the New York City Department of Education to report actual class sizes three times a year and expand reporting on the number of students in special programs, we are taking a critical step towards ensuring equitable access to quality education for all,” said Council Member Rita Joseph. “Int.45 will empower parents, educators, and policymakers with the information they need to advocate effectively for our children’s futures. Together, we are building a stronger, more accountable education system that leaves no student behind.”

Distributing Information on Low- or No-Cost Healthcare to Older Adults

Introduction 228-A, sponsored by Council Member Crystal Hudson, would require the NYC Department for the Aging (DFTA) to make information available to older adults about NYC Care, the NYC Health + Hospitals initiative to provide low- or no-cost primary health care to income-eligible NYC residents. DFTA would be required to provide eligibility guidelines for the initiative, clarify it is not based on immigration status, and ensure information is available in paper form and at all locations where DFTA services are provided.

“For our older neighbors, access to low or no-cost primary health care is a vital resource,” said Council Member Crystal Hudson. “However, too many of our neighbors—of all ages—are unaware of NYC Health + Hospitals’ NYC Care initiative, which was created to expand access to primary health care for all New Yorkers, regardless of immigration status. The passage of Int. 228A will help us guarantee our older neighbors are equipped with the information they need to lead healthy lives and gain access to the myriad additional resources NYC Cares provides, including housing, legal, and food assistance. Int. 228A also represents another critical piece in our fight to make New York City the best place to grow older, and I am eager to continue working toward that end under the leadership of Speaker Adams.”

Clarifying Frequency of Reports on the Removal of Individuals Experiencing Homelessness from Public Space

Introduction 349, sponsored by Council Member Sandy Nurse, would clarify that required reports on the removal of individuals experiencing homelessness from public spaces, and the services offered and outcomes, are to be submitted on a quarterly basis.

“Today’s bill further clarifies that the City will be required to issue quarterly reports on homeless sweeps and other removals, the first of which is expected in May,” said Council Member Sandy Nurse. “Int. 349 is especially prescient as recent reporting has shown that more and more migrants are being forced to sleep on the streets and subways due to the Administration’s new rules restricting shelter stays. Now more than ever the Council needs greater transparency and accountability over the Administration to protect people’s human and civil rights, as well as to move us away from destructive policies that do nothing to place people in housing.”

Land Use

East 94th Street Rezoning – LM East 94 LLC seeks a zoning map amendment to change an existing M1-4 district to a C2-8 and C4-6 district and related zoning text amendment to establish a Mandatory Inclusionary Housing (MIH) area in Council Member Julie Menin’s district. These actions will facilitate a new 40-story mixed-use building with approximately 487 housing units, including 146 affordable units, and commercial and community facility space on the lower floors. The Council is modifying the application to strike MIH Option 1 (25% of units at 60% of AMI) and require MIH Option 2 (30% of units averaged at 80% of AMI).

Brownsville Arts Center and Apartments – New York City Department of Housing and Preservation and Development (HPD) requests a zoning map amendment, a zoning text amendment, the designation of an Urban Development Action Area (UDAA) and Urban Development Action Area Project (UDAAP), and disposition of City-owned property in Council Member Darlene Mealy’s district. These actions will facilitate the development of a nine-story mixed-use building that includes approximately 283 affordable housing units, outdoor open space, and ground floor community facility space to promote local arts and culture.

Jennings Hall Expansion – St. Nicks Alliance requests a Zoning Map Amendment to change existing R6B, R7A, and R7A/C2-4 Districts to R7A, R7X, and R7X/C2-4 Districts and related Zoning Text Amendment to establish a Mandatory Inclusionary Housing area in Council Member Jennifer Gutierrez’s district. These actions will facilitate the development of a new 14-story building and the expansion of the existing Jennings Hall senior housing facility with approximately 218 new affordable senior housing units and ground floor commercial space. The Council is modifying the application to remove Option 2 and add the Deep Affordability Option, resulting in MIH Option 1 and the Deep Affordability Option as the available MIH Options for this project area.

88-08 Justice Avenue Restrictive Declaration Termination – Justice Avenue Tower, LLC, in Council Member Shekar Krishnan’s district, requests a cancellation of a Restrictive Declaration from 1973 prohibiting commercial uses on the site that would otherwise be allowed as-of-right. This will facilitate the conversion of community facility space to commercial use in a portion of a recently completed 18-story mixed-use building with 180 residential units, community facility space in the Central Queens Academy Charter School, ambulatory medical space, and 407 parking spaces in a multi-level parking structure.

26-17 37th Avenue Rezoning – Yaron Rosenthal is seeking a Zoning Map Amendment to change an existing M1-1 district to an M1-5 district. The development site in Council Member Julie Won’s district is currently occupied by a one-story plus cellar light manufacturing building. These actions will facilitate a new seven-story mixed-use building with light manufacturing uses, commercial uses, 58 parking spaces in the cellar and sub-cellar levels, and two loading docks.

Man Sentenced for Murder of Department of Defense Employee Stationed Overseas

 

A U.S. citizen was sentenced today to 16 years and eight months in prison for killing his mother, a U.S. Department of Defense civilian employee stationed at a naval base in the Kingdom of Bahrain.

According to court documents, on Jan. 31, 2021, Giovonni Z. Pope, 30, killed his mother in the apartment they shared in Bahrain by stabbing her with a knife. At the time, Pope’s mother was employed as a U.S. Department of the Navy civilian employee, assigned to Naval Support Activity Bahrain, and Pope was living with her as a dependent. After fatally stabbing his mother, Pope cleaned her body and removed evidence of the murder from the apartment. He then left in his mother’s car. On Feb. 1, 2021, Pope was apprehended by Bahraini authorities.

On Feb. 11, 2021, Pope was ordered detained and removed from Bahrain to the United States pursuant to the Military Extraterritorial Jurisdiction Act. Pope was charged on March 4, 2021, in the District of Maryland with one count of murder while employed by or accompanying the armed forces outside the United States. Pope pleaded guilty on Nov. 3, 2023, to second degree murder.

Principal Deputy Assistant Attorney General Nicole M. Argentieri, head of the Justice Department’s Criminal Division; U.S. Attorney Erek L. Barron for the District of Maryland; Acting Special Agent in Charge Joseph R. Rothrock of the FBI Baltimore Field Office; and Special Agent in Charge John Parkinson of the U.S. Naval Criminal Investigative Service (NCIS) Middle East Field Office made the announcement.

The FBI and NCIS investigated the case.

Attorney And Former Bank Director Sentenced To 30 Months In Prison For Bank Fraud

  

Damian Williams, the United States Attorney for the Southern District of New York, announced that MENDEL ZILBERBERG was sentenced today to 30 months in prison in connection with a scheme to obtain a fraudulent $1.4 million loan from Park Avenue Bank.  The defendant was a member of Park Avenue Bank’s board of directors at the time of the offense.  ZILBERBERG was previously found guilty following a one-week trial before U.S. District Judge George B. Daniels, who imposed today’s sentence.  

U.S. Attorney Damian Williams said: “Those entrusted with the stewardship of financial institutions must uphold their responsibilities with integrity, not exploit their positions.  Mendel Zilberberg’s manipulation of his roles as a legal practitioner and a director of Park Avenue Bank exemplifies a disturbing breach: one that led to a staggering loss for the institution.  Safeguarding the integrity of our financial systems is imperative, and this Office will not tire in our mission to track down those who pose threats to this vital cornerstone of stability.” 

According to the allegations contained in the Indictment, the evidence offered at trial, and matters included in public filings:

In or about 2009, ZILBERBERG conspired with a co-defendant, Aron Fried, and others to obtain a fraudulent loan from Park Avenue Bank (the “Bank”).  Knowing that the co-conspirators would not be able to obtain the loan directly, the co-conspirators recruited a straw borrower (the “Straw Borrower”) to make the loan application.  The Straw Borrower applied for a $1.4 million loan from the Bank on the basis of numerous lies, as directed by ZILBERBERG and his co-conspirators. 

ZILBERBERG used his privileged position at the Bank to ensure that the loan was processed promptly.  Based on the false representations made to the Bank and ZILBERBERG’s involvement in the loan approval process, the Bank issued a $1.4 million loan to the Straw Borrower, which was quickly disbursed to ZILBERBERG and his co-conspirators through multiple bank accounts and transfers.  In total, ZILBERBERG received more than approximately $500,000 of the loan proceeds.  The Straw Borrower received nothing from the loan and ultimately defaulted, resulting in a loss to the Bank of over $1 million.

On November 15, 2022, Fried pled guilty to conspiracy to commit bank fraud.  On April 10, 2023, Judge Daniels sentenced Fried to one year and one day in prison. 

In addition to the prison term, ZILBERBERG, 65, of Monsey, New York, was sentenced to three years of supervised release and ordered to pay $1,066,853 in restitution and $506,000 in forfeiture.

Mr. Williams praised the outstanding investigative work of the Federal Bureau of Investigation and the Federal Deposit Insurance Corporation’s Office of the Inspector General.

Governor Hochul Announces Completion of 245-Unit Affordable Mixed-use Housing Development in the Bronx

 

$120 Million Transit-Oriented Development Builds on Governor’s Long-Term Strategy to Increase New York’s Housing Supply

River Avenue Includes 148 Homes for Individuals and Families Experiencing Homelessness

Governor Kathy Hochul today announced the completion of River Avenue, a 245-unit affordable and supportive housing development in the Concourse section of the Bronx. The transit-oriented development includes over 20,000 square feet of commercial space and offers on-site supportive services for families and individuals experiencing homelessness.

“River Avenue will provide a safe, modern, and affordable place for individuals and families to call home and will be nothing short of transformative for those experiencing homelessness,” Governor Hochul said. “My administration is dedicated to increasing the supply of housing in the Bronx and throughout the state so that everyone has the chance they deserve to live in a stable home in a thriving neighborhood.

In the last five years, New York State Homes and Community Renewal has created or preserved over 14,500 affordable homes in the Bronx. River Avenue continues this effort and complements Governor Hochul's $25 billion comprehensive Housing Plan that will create or preserve 100,000 affordable homes across New York, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes.

River Avenue is affordable to households earning at or below 80 percent of the Area Median Income. The building is a short walk from the 4 train and is just a few blocks from the B and D trains, multiple bus lines, Yankee Stadium, and the Reverend T. Wendell Foster Park and Pool.

Amenities include 24-hour security, an exercise room, laundry room, computer room, community room, tenant and bike storage areas, lounges, and a commercial kitchen.

The development was designed to meet Enterprise Green Communities Standards and Energy Star's Multi-Family High Rise standards and includes such energy-efficient features as Energy Star appliances and water conserving low-flow fixtures.

There are 148 apartments reserved for individuals and families experiencing homelessness. On-site supportive services and rental subsidies are funded through the Empire State Supportive Housing Initiative and administered by the New York State Office of Mental Health. Services include counseling, group activities, health and wellness workshops, harm reduction services, linkages with health care providers, crisis intervention, money management, and educational, vocational and employment referrals.

The ESSHI program provides operating funding for supportive service providers serving homeless veterans and their families; survivors of domestic and gender-based violence; older adults who are disabled or frail; young adults with a history of incarceration, homelessness, or foster care; chronically homeless individuals and families; individuals with intellectual or developmental disabilities; individuals reentering the community from prison; and those living with HIV or AIDS, serious mental illness and/or substance use disorders. OMH serves as the lead procurement agency for the funding, which is dispersed by an interagency workgroup of eight state agencies serving vulnerable New Yorkers.

State financing for the $120 million River Avenue includes $25 million in permanent tax-exempt bonds, $41 million in Low Income Housing Tax Credits and $16 million in subsidy from New York State Homes and Community Renewal. OMH is providing more than $3 million annually in operating funding through the ESSHI program, as well as approximately $915,000 to cover start-up costs of the supportive housing units. The New York City Department of Housing Preservation and Development provided $26 million through the Supportive Housing Loan Program.

The development team consists of Community Access, Inc. and J. Equities II, LLC, an affiliate of affordable housing developer Madd Equities. Community Access is also the supportive service provider.

NYC Comptroller Lander & Pension Fund Trustees Announce Agreements with Retail and Consumer Product Giants to Disclose Annual Workforce Diversity Data

 

Agreements reached with Dollar Tree, Grocery Outlet Holding & Mattel; Proposal also filed at DICK’s Sporting Goods requesting the company follow suit

Success builds on leadership securing crucial EEO-1 disclosure agreements

New York City Comptroller Brad Lander and trustees of the New York City Employees’ Retirement System, the New York City Teachers’ Retirement System, and New York City Board of Education Retirement System (collectively, the Systems), announced that they reached agreements with the boards of Dollar Tree, Grocery Outlet Holding and Mattel to disclose annual workforce diversity data following successful shareowner engagements. The Systems have also filed a proposal at DICK’s Sporting Goods requesting this disclosure.

“When companies disclose their workforce diversity, investors get a real look at how companies uphold their commitment to equity and inclusion. EEO-1 data serves as a powerful tool for investors to hold companies accountable, enabling us to assess progress and ensure they live up to their own standards. This transparency encourages companies to foster a workplace that reflects the diverse perspectives essential for sustained success and long-term shareholder value,” said Comptroller Brad Lander.

In 2020, the Systems launched the successful Diversity Disclosure Initiative. Since then, nearly all S&P 100 companies have disclosed their EEO-1 report, up from about 14 in July 2020. Agreements have been reached with major companies including the Home Depot, McDonald’s Corporation, Netflix, Nike, Verizon Inc. Many smaller companies also disclose this report.

The Consolidated EEO-1 report is a comprehensive breakdown of a company’s workforce by race, ethnicity, and gender submitted annually to the U.S Equal Employment Opportunity Commission (EEOC). The report is broken into ten employment categories, including senior management. These reports are an important tool for measuring a company’s progress on representation of employees of color and women at various levels of the corporation.

Transparency around workforce diversity is a concrete step companies can take to follow through on their commitments to racial equity and diversity inside and outside of the workplace. Disclosure of EEO-1 reports enables investors to assess the progress companies are making toward their commitments to increase representation at all levels of the organization.

Disclosure of the report will provide investors with critical information, including:

• Standardized, quantitative, and reliable data that is comparable across companies and industries, enabling investors to assess the representation of employees of color and women at various levels of the corporation;
• Specific data on senior management diversity; and
• Particularized data that allows investors to assess the representation of specific racial and ethnic groups by gender, such as Black female employees, in a job category – and to make meaningful, year‐over‐year comparisons.

As of December 31, 2023, the three Systems have holdings valued at $26.9 million at DICK’s Sporting Goods, $28 million at Dollar Tree, $2.4 million at Mattel, and $445,694 at Grocery Outlet Holding Corp.

In addition to Comptroller Lander, the trustees of the aforementioned systems are as follows:

New York City Teachers’ Retirement System (TRS): Mayor Eric Adams’ Appointee Bryan Berge, Director, Mayor’s Office of Pension and Investments; Chancellor’s Representative, Gregory Faulkner, New York City Department of Education Panel for Educational Policy; and Thomas Brown (Chair), Victoria Lee, and David Kazansky, all of the United Federation of Teachers.

New York City Employees’ Retirement System (NYCERS): Mayor Eric Adams’ Appointee Bryan Berge, Director, Mayor’s Office of Pension and Investments; New York City Public Advocate Jumaane Williams; Borough Presidents: Mark Levine (Manhattan), Antonio Reynoso (Brooklyn), Donovan Richards Jr. (Queens), Vito Fossella (Staten Island), and Vanessa L. Gibson (Bronx); Henry Garrido, Executive Director, District Council 37, AFSCME; Richard Davis, President Transport Workers Union Local 100; and Gregory Floyd, President, International Brotherhood of Teamsters, Local 237.

New York City Board of Education Retirement System (BERS): Schools Chancellor David C. Banks, Represented by Karine Apollon; Mayoral appointees Lilly Chan, Marjorie Dienstag, Gregory Faulkner, Anita Garcia, Anthony Giordano, Alan Ong, Phoebe Sade-Arnold, Maisha Sapp, Venus Sze-Tsang, Gladys Ward; CEC appointees Naveed Hasan, Jessamyn Lee, Thomas Sheppard, and Ephraim Zakry; Borough President Appointees Geneal Chacon (Bronx); Tazin Azad (Brooklyn); Kaliris Salas-Ramirez (Manhattan); Shirley Aubin (Queens); Aaron Bogad (Staten Island); and employee members John Maderich of the IUOE Local 891 and Donald Nesbit of District Council 37, Local 372.

Governor Hochul Reminds New Yorkers About Expanded Move Over Law to Include All Stopped Vehicles on Highways

Drivers Must Slow Down or Move Over to Avoid a Crash with Any Disabled or Stopped Vehicle

Move Over Law Protects Drivers, Pedestrians, Highway Workers, and Emergency Responders

Governor Kathy Hochul today reminded drivers that New York’s Move Over Law will soon be expanded to include all vehicles which will improve highway safety for everyone. Starting March 27, 2024, drivers will be required to take precautions, including slowing down and moving over, to avoid a crash with all vehicles stopped along the roadway.

“The safety of all New Yorkers is my top priority, especially those pulled over to the side of the road,” Governor Hochul said. “If you see that you are approaching a disabled vehicle, slow down and move over as best you can to give them some space.”

From 2016 to 2020, 37 individuals were killed outside disabled vehicles in New York. Nationally, nearly 300 drivers are struck and killed roadside every year. The Move Over Law was enacted to prevent those tragedies and make New York’s roadways safer for all.

The law first became effective in 2010 to prevent collisions with emergency vehicles that were stopped on the roadway. The law has been expanded several times to also cover hazard vehicles, highway worker vehicles, and tow trucks. In 2023, Governor Hochul signed a bill to further strengthen the law by including this protection for all vehicles stopped on the roadway. Under the law, when a driver is approaching a vehicle stopped along either shoulder of the road, they should:

• change into a lane not immediately adjacent to the vehicle, or
• slow down to a reasonable speed if unable to safely make a lane change.

Also today, the Governor’s Traffic Safety Committee is launching a public awareness campaign using radio, social media and other out-of-home elements to remind people they will need to “Slow Down, Move Over” as best they can when they come upon someone stopped on the side of the road or in a driving lane. According to the National Highway Traffic Safety Administration, all 50 states have "Move Over" laws to protect law enforcement officers and other first responders, yet one-third of Americans are not aware of these laws.

NYS Office of the Comptroller DiNapoli: 2023 Wall Street $34 Billion Bonus Pool Relatively Flat Over 2022

 

Average Bonus for Employees in NYC's Securities Industry was $176,500

The average annual Wall Street bonus dipped to $176,500 last year, a 2% decline from the previous year’s average of $180,000, according to New York State Comptroller Thomas P. DiNapoli’s annual estimate. Wall Street’s profits were up 1.8% in 2023, but firms have taken a more cautious approach to compensation and more employees have joined the securities industry, which accounts for the slight decline in the average bonus.

“Wall Street’s average cash bonuses dipped slightly from last year, with continued market volatility and more people joining the securities workforce,” DiNapoli said. “While these bonuses affect income tax revenues for the state and city, both budgeted for larger declines so the impact on projected revenues should be limited. The securities industry’s continued strength should not overshadow the broader economic picture in New York, where we need all sectors to enjoy full recovery from the pandemic.”

The $33.8 billion bonus pool for 2023, which closely matched the 2022 pool, was well below the 25% growth seen in 2020 ($37.1 billion) and the 15% jump seen in 2021 ($42.7 billion), but slightly over the pre-pandemic high of $32.1 billion.

Wall Street bonuses have a significant impact on tax revenue in the state and city budgets. DiNapoli estimates that the securities industry accounted for approximately $28.8 billion in state tax revenue, or 27.4% of the state’s tax collections, for State Fiscal Year (SFY) 2022-23, and $5.4 billion in city tax revenue, 7% of total tax collections for City Fiscal Year (CFY) 2023.

In 2022, bonuses generated $447 million less in state income tax revenue and $204 million less for the city compared to the prior year. DiNapoli projects the 2023 bonuses in New York City’s securities industry will generate $4 million less in state income tax revenue and $2 million less for the city when compared to the previous year. The Governor’s proposed budget assumed bonuses in the broader finance and insurance sector would decrease by 2.7% in SFY 2023-24, while the city’s CFY 2024 financial plan assumed a decrease of 7.8% in securities industry bonuses. These anticipated declines should minimize any significant impacts to their budgets in the short-term.

The securities industry also has a significant impact on the city’s employment and overall economy. In 2023, the sector employed about 198,500 people, up from 191,600 the prior year. DiNapoli estimates that 1 in 11 jobs in the city is either directly or indirectly associated with the securities industry. While the city remains the capital of the U.S. securities industry, its share of the sector’s jobs has been declining over time. Sector employment in 2023 was 1.3% lower than in 2000, which represented the peak for securities industry employment in the city.

As more securities employees are back in the office, there is increased spending in the city. Financial services firms reported 65% of employees were in the office on any given day in September 2023 (post-Labor Day), compared to 58% for all firms in the city, according to the Partnership for New York City’s survey.

Additionally, 42% of securities industry employees ride the subway, a higher rate than the citywide average for workers. DiNapoli estimates Wall Street was responsible for 14% of all economic activity in the city in 2022, and thus the financial sector’s ability to generate revenue and turn profit is critically important to New York.

Methodology

DiNapoli’s office releases an annual estimate of bonuses paid during the traditional December through March bonus season to securities industry employees who work in New York City. Bonuses paid by firms to their employees located outside of New York City, whether in domestic or international locations, are not included. The Comptroller’s 2023 estimate is based on personal income tax withholding trends and includes cash bonuses paid for work performed in 2023 and bonuses deferred from prior years that have been cashed in. The estimate does not include stock options or other forms of deferred compensation for which taxes have not been withheld.

Charts

Bonus Pool Chart from 1993 to 2023

Annual Profits and Employment Chart

Related Work

Report

The Securities Industry in New York City, October 2023

Dashboard

Securities Sector Industry Dashboard