New York City has lost thousands of jobs in the financial services industry over the last decade. Excessively high taxes, high local cost of living and a regulatory system that creates disincentives to growth in this sector need to be addressed. If the financial services industry continues to leave NYC, we will continue to lose our tax revenue base and we will absolutely, positively NOT be able to pay the bills that fund NYC’s massive social-welfare state.
One specific policy position will be to reduce the commercial rent tax – a tax that burdens this industry and many others in most of Manhattan. This tax has always been regressive to the city’s economy and needs to be reduced or eliminated. We cannot risk losing more of the financial industry and as Comptroller, I will be a partner with these entities to keep them here and help them grow and hire more NYC residents.