LIU REPORT: NYC’S INCOME GAP TWICE THE NATIONAL AVERAGE

Top 1% Takes One-Third of NYC’s Income

City Comptroller John C. Liu today released a report that details the income disparity in New York City. The study found that the top 1% of income tax filers receive one-third of all City personal income, a share that is almost twice the national average.

“Such a wide income gap has financial consequences for the City,” Comptroller Liu said.  “Income inequality can weaken or destabilize the local tax base, reinforce patterns of racial and economic segregation, and undermine the vibrant social, cultural, and economic mix that is the foundation of New York City’s identity. It also threatens the very fragile economic recovery we are now experiencing.”

The report found that New York City tax filers in the top 1% accounted for 32.5% of the City’s entire reported income in 2009, based on the most recent micro-data available from the New York State Department of Taxation and Finance. By comparison, the top 1% across the U.S. accounted for 16.9% of income.

The income gap is further highlighted by the concentration of income among the very wealthiest. The most affluent 15,000 New York City households (the top 0.5% of filers) took in 26.7% of the City’s income.  The top 2,000 households (the top 0.05% of filers) accounted for 18.9% of all income reported in the City.

Unequal gains in good years

The top 1% of earners ended the past decade with an average income of $2.2 million, the same level at which they started in 2000. This reflects the volatile nature of investment income earned by the ultra-wealthy. However, the gains made by these top filers in the boom years (2003-2007) illustrate the speed with which income disparity grew in New York City.

During the good years, New Yorkers in the 99% of income earners made gradual gains that raised their average annual income from $41,000 to $50,000.  In those same years, the income of the top 1% skyrocketed, more than doubling from $1.5 million to $3.9 million. From 2007 to 2007, 66% of the income growth citywide went to the top 1% of tax filers.

“We must not repeat the pattern of the last decade when a few gathered enormous wealth, while the vast majority of New York families were left behind or saw very modest gains,” Comptroller Liu said.

Background

“Income Inequality in New York City” was produced from research by the Comptroller’s economic advisory team led by Dr. Frank Braconi, Chief Economist in the NYC Comptroller’s Office. 

Download the full report here: http://www.comptroller.nyc.gov/bureaus/cac/pdf/NYC_IncomeInequality_v17.pdf
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13th Congressional Race Mr. Clyde Williams

    Redistricting has changed the once majority black district into a majority Hispanic district. While Harlem, East Harlem, Washington Heights, and Inwood remain as part of the district 200,000 Bronx voters have been added to the district. The mostly Hispanic communities of Bedford Park, Kingsbridge Heights, Van Cortlandt Village, and most of Kingsbridge were placed in the new 13th Congressional District. A date of June 26th was also place as the date of the new congressional primary.

   Charlie Rangel has claimed to be the incumbent in this new district as most of it came from his old 15th Congressional District. Rangel has the backing of the Manhattan and Bronx Democratic county machines (and we said that both Democratic county leaders were looking at the proposed district lines for a possible future run). State Senator Adriano Espaillat announced his intention to run in the now majority Hispanic 13th C.D. Senator Espaillat has nothing to loose if he does not get elected to congress, as he can still run for his state senate seat in the September Democratic primary.

   We sat down last week with Mr. Clyde Williams, who is another candidate in the 13th Congressional race.  Mr. Williams is concerned how the district has problems that have not been addressed by Congressman Rangel. High unemployment, lack of jobs, poor public education, lack of accountability, and high oil prices are high on his priority list of things to get done. How can Clyde get that done, I asked. Mr. Williams who first praised Congressman Rangel for the good things that he did in the past, and said that there are new problems now then there were in the past. He went on to say that there are huge health care disparities and education gaps.

   Mr. Williams spoke of putting people to work in the jobs that are needed, such as nursing, auto mechanics, electricians, and other good paying jobs. when I asked about the Empowerment Zone that Congressman Rangel set up, Mr. Williams said most are out of business by using the funds for the community, but that "the Harlem Empowerment Zone still has lots of money left". Mr. Williams said that up to 5,000 new jobs could be created right now if tourism was set up not only for lower Manhattan, but the rest of the city. New Hotels and restaurants could be built for tourist to stay over rather then come for an hour or two, or to see the Yankee game then leave.

  When I asked Mr. Williams what his qualifications for congress were, he said that he knows the D.C. area very well, the president, and how congress works. He added that he worked for both President Clinton and President Obama in high level positions. Mr. Williams believes like others do that in this election the Bronx will play a key role in determining who the representative from the 13th Congressional District will be. He is making important connections in the Bronx, and plans to keep them. when asked if he is doing all this to set up for a run for office when Congressman Rangel decides to retire possibly in 2014 or sooner, Mr. Clyde Williams said "I am in this race to win this race".

Mr. Clyde Williams stands in front of the Kingsbridge Armory with two of his supporters

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Here the trio stand by the Kingsbridge Road Subway station of the   # 4 subway line. On Mr. Williams left is Mr. Ephraim Cruz of Bronx For Change, and Mr. Anthony Rivveccio of NWBD on his right.

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K.A.L.E.A.C Honors 50th Pct. Officers

  The Korean-American Law Enforcement Advisory Council came to the 50th Precinct to bestow honors upon the police officers and Captain Kevin J. Burke for the swift apprehension of the two individuals that killed 26 year old Hang Yang on his way home for his I Phone. Mr. Yang was shot at the corner of Cambridge Avenue and West 232nd Street, and died a short time later.
  

  Mr. Joo Tae Yoo President and Mr. Yeon S, Hong Vice-President of K.A.L.E.A.C. said that their organization tries to bridge the gap between citizens and the police department. The organization also raises money for fallen hero's and provides scholarships to their children. Both thanked the officers of the 50^th Precinct for the swift apprehension of Mr. Yang's killers. Also  on hand were Mr. Yang's mother and sister who conveyed the same message. 

   

  Captain Kevin J. Burke, Lieutenant John Gogarty, Sergeant Lucas Miller, Detective James Campbell, and Detective Joseph K. Oneil all received awards from. K.A.L.E.A.C. Captain Burke in speaking about the case said “it was the fine police work that his detectives and officers did to crack the case, and the arrest of the two killers”. The two men identified as Dominick Davis and Alejandro Campos (when they were arrested) tried to sell the I Phone on Craigslist. “Have 2 I Phones 4 sale Inwood/Washington Heights” the ad read, and the detectives took it from there. 

 

  Local Assemblyman Jeffrey Dinowitz and Councilman G. Oliver Koppell also presented awards to the police officers. Assemblyman Dinowitz commented "that there had never been an incident such as this in Riverdale, and the community was outraged. Dinowitz added that these two men must be tried and sent away to jail for a long time. Mr. Adam Sandler of Councilman Koppell's office said that crimes like this will not be tolerated in our neighborhoods and that Councilman Koppell hopes that the swift apprehension of these killers will deter any similar events in the future. 

Left - Captain Kevin Burke explaining the details of the crime, and how officers apprehanded the two men responsible for the crime. Next to Captain Burke are Mr. Joo Tae Yoo President and Mr. Yeon S, Hong Vice-President of K.A.L.E.A.C. Right- Assemblyman Dinowitz presenting award to one of the officers as Captain Burke looks on.

Left - Assemblyman Dinowitz is between Mr. Yoo and Mr Hong from K.A.A.E.A.C., with Mr. Sandler of behind the officers and Captain Burke (Sergeant Miller was not at the ceremony, and is not in the photo).  Right - Community Affairs officer Mindy Ramos stands in for Sergeant Miller in this photo.

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Klein Holds Property Managers Accountable

Klein Property Preservation Law Succeeds In Removing Dangerous Situation 

VAN NEST, BRONX, N.Y. –  Senator Jeffrey D. Klein (D-Bronx/Westchester) announced today that his office has been successful in seeing to the removal of an illegally constructed deck that had posed a serious fire hazard to the Van Nest community. The foreclosed property, located at 840 Van Nest Avenue, is currently managed by Carrington Mortgage Services, LLC. At Senator Klein’s insistence, Carrington recently removed the illegally constructed deck which had been built upon an existing kitchen. The dangerously situated deck was a concern to many in the area in light of the recent and devastating four alarm fire on the same block. The successful removal illustrates the importance of property preservation legislation introduced by Senator Klein in the state legislature—and enacted into law—last year. Klein's landmark legislation requires banks and lending institutions who reclaim foreclosed properties to maintain their assets up to code. 

In April, neighborhood resident Patti Doyle reached out to Senator Klein’s Office to express her concerns about the shoddily constructed deck atop the property.  Around the same time, the NYC Department of Buildings visited the home and issued a violation for the deck’s construction, which was carried out without the required approval of DOB.

Klein and his staff investigated the matter and discovered that Wells Fargo was listed as the owner of this property, with Carrington as the property manager.  Upon learning this information, Klein reached out to Carrington and brought his and the community’s concerns to their attention. Within days of Senator Klein’s call, Carrington dispatched a construction crew to remove the deck from the property.  The work was completed just days ago.

The recent four alarm fire originated on the same block at nearby 726 Van Nest Ave.

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Bronx Chamber of Commerce Golf Outing

    

The Bronx Chamber of Commerce would like to thank all attendees for registering for the biggest Golf Event of the year!

  

On Monday, May 21st, there will be a complimentary warm-up and Golf Clinic at 9 AM located at

Turtle Cove Golf Center 

1 City Island Road

Bronx, NY 10464

After the warm-up and Golf Clinic golfers will proceed to

Pelham Split Rock Golf Course for registration at 11 AM.

We look forward to a wonderful day of golf.  Thank you again for all of your support.

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LIU STATEMENT ON PROPOSED REFORMS TO STOP AND FRISK

 

  City Comptroller John C. Liu stated the following in response to questions about proposed police reforms to stop and frisk:

“The stop and frisk policy doesn’t need to be reformed, it needs to be abolished. Remedies such as training videos and informational cards are inadequate band-aids. It’s time to end this divisive and ill-conceived tactic.

“According to reports, New Yorkers were stopped and frisked by police  nearly 700,000 times last year – almost all of those targeted were innocent of any crime, and almost all of them were Black or Latino. It’s just impossible to say stop and frisk is not racial profiling,
and continuation of this practice not only violates the department ban against racial profiling but raises civil rights questions. It also poses a potential financial liability to the City, as evidenced by rising claims against the NYPD and the federal judge’s ruling allowing class-action status in a stop and frisk lawsuit. It’s time to stop ‘stop and frisk’.”


Background:

•       According to preliminary statistics, there were 2,241 new civil  rights claims filed against the NYPD in Fiscal Year 2011, up 23 percent from the 1,826 claims filed in FY 2010.

•       Overall, 8,913 claims were filed against the NYPD in FY 2011  (including personal injury and property damage), an historic high.

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LIU STATEMENT ON CITY UNEMPLOYMENT RATE

 

  City Comptroller John C. Liu stated the following in response to questions about new unemployment figures:

“Although today’s labor market report shows a record number of jobs in  the city, the unemployment rate remains at an unacceptable 9.5 percent and continues to disproportionately impact minorities and young people.  We must find ways to create jobs for the 345,000 unemployed
New Yorkers who cannot wait years for the recovery to filter down to them.

“My office has put forth a Capital Acceleration Plan which would  create 15,000 jobs and enhance our City’s infrastructure; all the while saving taxpayers money in the long-run. As the City Council and Mayor’s Office negotiate the upcoming budget, we are calling for the inclusion of this plan in order to put New Yorkers back to work as quickly as possible and revive the City’s ailing construction industry.”

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Come Celebrate Bronx Weeks Grand Finally!!!

 

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