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Friday, March 11, 2022

Mayor Adams to "Rebuild, Renew, Reinvent," Unveils Blueprint for NYC's Economic Recovery

NEW YORK – New York City Mayor Eric Adams released “Rebuild, Renew, Reinvent: A Blueprint for New York City’s Economic Recovery,” which outlines the mayor’s vision for the city’s economic recovery and the future of the city’s economy — all built on equity and inclusivity. The COVID-19 global pandemic devastated the city’s economy, but New York City is now on the cusp of an economic resurgence, and the mayor’s plan seizes on a once-in-a-generation opportunity to reinvigorate the city’s economy in the short and long terms. The blueprint specifically aims to accelerate the return to pre-pandemic employment levels, while simultaneously laying the foundation for the city’s economic future — addressing historic injustices and reimagining outdated ways of doing business.

“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. “This is more than a to-do list: It is a complete reset with more than 70 concrete actions we will take to tear down the barriers to progress and build up a strong, resilient city with opportunity for everyone. I want all New Yorkers to know that your city is looking out for you and planning for your future, so New York can be a city we are all proud to call home.”

"Our state’s economy has been battered over these last two years, but there is no doubt New York's best days lie ahead,” said New York State Governor Kathy Hochul. “We will seize this moment to do what New Yorkers always have done: To stay strong and work together to find new, innovative paths to growth that build upon our strengths. My administration has begun this work by advancing new investments that include a renewed commitment to workforce development, the largest state-sponsored tourism package in the country, and a historic $500 million commitment to expanding the offshore wind industry in New York State. This work sets a strong foundation, but we can and will do much more. Mayor Adams and I are committed to working together and with the private sector to plan for a future that uplifts us all. The New New York Panel is a demonstration of our unwavering resolve. Let’s get to work.”

“Our mission is to provide opportunity to every New Yorker,” said Deputy Mayor for Economic and Workforce Development Maria Torres-Springer. “We have weathered considerable struggle and loss over the last two years. But there has never been a more urgent time for New York to serve as a model for equitable recovery, and the investments and initiatives in this blueprint will accelerate our city’s return, help us return to pre-pandemic employment levels more quickly, and build our city back more inclusively than ever.”

“Arts, entertainment, and nightlife are the heart and soul of New York City. They are the pulse that sustains the most passionate, innovative creators of our time, drawing people from around the world,” said Mayor’s Office of Media and Entertainment Commissioner Anne del Castillo. “Strengthening these cultural and creative sectors is at the forefront of Mayor Adams’ economic recovery plan, because New York City’s future depends on them.”

The plan to accelerate the city’s recovery and build a more resilient economy rests on five key pillars:

  1. Restarting our city’s economic engines and reactivating the public realm;
  2. Supporting small businesses, entrepreneurship, and a more equitable economy;
  3. Driving inclusive sector growth and building a future-focused economy;
  4. Connecting New Yorkers to quality jobs and in-demand skills; and
  5. Planning and building for inclusive growth now and in the future.

While this moment in the city’s post-COVID economic recovery holds great potential, significant challenges continue to face parts of the city. More than 26,000 businesses have closed, while many offices remain shuttered; unemployment among Black New Yorkers remains more than three times the national average at 15 percent; and tourism remains far below pre-pandemic levels, depriving the city of much-needed economic activity.

Tackling these challenges will require a comprehensive, collaborative effort bringing together the business community, labor unions, neighborhood advocates, faith leaders, educators, and New Yorkers across the five boroughs. Mayor Adams’ blueprint represents the first stage of that effort.

Among the strategies outlined in the blueprint are more than 70 concrete actions that will help realize the mayor’s goal of rebuilding, renewing, and reimagining the city’s economy. The administration will:

  • Invest in Hunts Point infrastructure, community priorities, and the redevelopment of the Hunts Point Produce Market, a vital resource in New York City’s food supply system that supplies 25 percent of the city’s fresh produce;
  • Assemble a “New New York” blue-ribbon panel, convened by Mayor Adams and New York Governor Kathy Hochul, to re-envision business districts, invest in the workforce, and stimulate economic growth by engaging some of the most visionary leaders in business, labor, academia, nonprofit, and philanthropy;
  • Launch the NYC Strategy for Equity and Economic Development (SEED) Fund, a new equitable capital planning framework to invest city resources into neighborhood needs in ways that address historic disinvestment, immediate public health and safety issues, and growing climate risks, while creating jobs and spurring economic growth;
  • Provide small businesses much-needed relief — cutting opening times in half, suspending the city’s 25 percent surcharge on liquor licenses, streamlining inspections, reforming licensing requirements, providing back-office support and free tax preparation, improving language access, and helping small businesses expand their digital footprints;
  • Launch the Small Business Opportunity Fund to meet the financing needs of historically underserved local businesses and entrepreneurs, addressing critical gaps in access to capital;
  • Strengthening our commercial corridors across the five boroughs by investing in small Business Improvement Districts, merchant associations, and public realm improvements;
  • Reform and expand the city’s Minority- and Women-Owned Business Enterprises (M/WBE) program to increase the number and size of city contracts going to M/WBE firms, help these firms grow, and support M/WBEs that have not sufficiently benefited from this program;
  • Tackle public safety and quality-of-life concerns in commercial corridors and launch a Public Realm Working Group to execute a holistic strategy of coordinated initiatives and programs in our public spaces;
  • Expand the city’s tourism marketing campaign to show the world that New York City is open, vibrant, and ready to welcome visitors again;
  • Double down on growing the life sciences industry, with a focus on expanding into new sub-industries and building the talent pipeline of local New Yorkers;
  • Jumpstart the local, green economy and affirm New York as a global leader in just solutions to the climate crisis with the creation of a new, state-of-the-art education and research institution on Governors Island, which will work to identify equitable urban climate solutions and drive growth of accessible green jobs;
  • Build an equitable cannabis industry from the ground up, by offering financial support and technical assistance to help entrepreneurs launch their businesses and launching a broad-based community engagement effort to make New Yorkers aware of opportunities to participate in the industry;
  • Protect and strengthen New York City’s creative economy with the creation of a new, one-of-a-kind cultural district on Governors Island and a “Culture at Risk” response team to protect New York City’s creative businesses and neighborhood institutions;
  • Establish New York City as a hub for digital game development by launching a game development curriculum at The City University of New York to train New Yorkers for opportunities in this field and fostering growth of independent and established gaming communities;
  • Leverage zoning and land use tools to foster innovation and support emerging industries, expand access to high-quality, low-cost housing options in neighborhoods across the city, and facilitate green projects;
  • Protect workers’ rights by raising and enforcing labor standards for app-based delivery workers and adding new city resources focused on protecting the rights of home care aides, nannies, house cleaners, and other domestic and care workers; and
  • Expand financial empowerment services, bringing financial counseling to Workforce1 Centers and launching a mobile unit to offer free tax preparation, financial counseling, benefits enrollment, job training supports, tenant protection services, and other critical resources in neighborhoods across the city.

The economic recovery blueprint arrives as the city enters a new phase in its COVID-19 response, beginning with Mayor Adams’ decision last week to suspend Key to NYC and remove mask mandates for K-12 public school students. The blueprint also follows the release of Mayor Adams’ Subway Safety Plan last month and his Blueprint to End Gun Violence in January.


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