The Committee for Economic Development, the public policy center of The Conference Board (CED), issued a new Summary of Solutions to Your Challenges, “New York City: Rebuilding a Future-Centered Economy, Part II”.
“New post-pandemic challenges, as well as existing challenges that the pandemic exacerbated, threaten the economic prosperity and stature of New York City as a world-class commercial center”, says the CED report. “How the city responds will have far-reaching implications that extend beyond the Big Apple: Given the size of its economy and global reach, its response will have a significant impact on US and world economies”.
Recommendations for how business and public policy leaders can revitalize the city focus on three sectors that have played important roles in the city’s economic vitality but now face enormous obstacles: leisure and hospitality, financial services and real estate.
” New York City can thrive in the next era of technological and economic change. Success will depend, in part, on the development of vibrant new economic sectors, such as the technology and health. But equally important is how well policymakers and business leaders, working together, build on New York City’s historic strengths to adapt to the new economic realities brought on by the pandemic and build a future-focused economy. And, if the city rises to the occasion, can serve as a model for many of the large urban centers in the United States facing similar post-pandemic headwinds,” said Dr. Lori Esposito Murray, CED President.
To support New York City’s critical economic sectors, including financial services, real estate, and leisure and hospitality, CED’s suggested avenues for revitalization includeamong other:
· Reform the regulatory and fiscal burden of companies and workerscontemplating the review of federal, state and municipal tax regimes in search of reforms to boost interstate competitiveness.
· Strengthen the competitiveness of the financial sectorestablishing a city task force to revitalize the economy, developing a strategic plan to propel New York City as a financial center and cultural destination for a future-focused economy, among other measures.
· Revitalize the real estate sector, easing restrictions around office-to-residential conversions to allow more flexibility for developers to determine feasibility and best use. He also suggests reviving the NY Housing Compact to promote new and sustainable construction, as well as revising restrictive residential zoning and building codes.
· Support the recovery and growth of leisurehospitality and tourism, driving an ongoing global multimedia promotional campaign to boost New York City tourism and business travel visitors, as well as encourage return to the office, among other measures.
· Increase the efficiency and fiscal sustainability of transport networksto promote tourism, business travel and the return to work of residents.
The Committee for Economic Development (CED) is the public policy center of The Conference Board. The nonprofit, nonpartisan, business-run organization offers well-researched analysis and reasoned solutions in the nation’s interest. CED’s trustees are CEOs and key executives from top US companies who bring unique expertise to address today’s pressing policy issues.
For more details about the report, go here.
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