Real Estate Weekly
Image default
Debt & Equity Featured

Mayor says he’ll lay off his workers if he can’t borrow more money

Mayor de Blasio today announced the City will issue a week of furloughs for Mayor’s Office employees. 

The action, in addition to savings from the adopted budget, will represent a 12 percent cut to the FY21 Mayor’s Office budget. 

“Dedicated public servants have worked tirelessly for our city and their fellow New Yorkers throughout this crisis,” said Mayor de Blasio. “This is a painful step, but it shows just how committed we are to responsible budgeting and leading the City through these challenging times.


“Today’s announcement makes it clear we need Albany to step up, too. We need our partners in the state government to give New York City long term borrowing authority.”

The City is facing a $9 billion budget shortfall and has cut $7 billion from the budget since February.

But de Blasio is pushing the city’s business leaders to lobby Albany to approve a $5 billion borrowing package to get New York City back in business.

He is warning that without the extra money, the city will be forced to lay off 22,000 municipal workers.

“Let’s be clear, if the stimulus isn’t coming, we must have support from Albany, or else all those services people are talking about are going to be endangered and we can’t have that,” said the mayor during his daily press briefing today (Monday).

(Visited 1 times, 1 visits today)

Related posts

RICS Awarded the Built-Out California Award


Eretz Group welcomes first three tenants to newly repositioned Soho boutique


Real Estate Board of New York Announces Nominees for 24th Annual Retail Deal of the Year Awards Competition