On April 9, 2021, Kathryn S. Wylde, President & CEO of the Partnership for New York City, spoke at the 172nd CityLaw Breakfast. Ms. Wylde spoke on “New York’s Post-Pandemic Prospects.” Professor Ross Sandler, Director of the Center for New York City Law provided opening remarks and Dean Anthony W. Crowell provided closing remarks. This Breakfast was sponsored by ConEdison, Greenberg Traurig, and Verizon. This was the sixth virtual CityLaw Breakfast as in-person events are not feasible at this time due to the COVID-19 pandemic.
Wylde began with a discussion about how the City’s actual economic downturn was less severe than originally projected. Large corporations had already experienced the pandemic abroad before it arrived in New York, so those business had an easier time transitioning, which reduced the impact of the pandemic on those businesses. However, certain industries like tourism, entertainment, fashion, business travel and small brick and mortars have all faced the brunt of the pandemic.
Wylde then talked about the state’s most recent budget, which increases individual and corporate taxes on top earners. Wylde shared concerns that the tax increase was unnecessary this year as the federal stimulus is making up for much of the losses, and that unnecessary taxes may be seen as a punishment and scare people away. She said she was disappointed that the legislators’ conversations about the budget were dominated by taxes instead of focusing on jobs.
Wylde stressed the importance of maintaining and attracting talented professionals to the city, and that it was important to maintain a healthy and safe city to bring people back. Wylde discussed the importance of investing in job creation and skill programs to prepare New Yorkers for skilled positions.
Overall, Wylde was optimistic that the city would recover and hoped that the recovery was swift.
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