Artificial intelligence could potentially eliminate thousands of jobs in New York City, city official says

Artificial intelligence could rapidly disrupt employment in New York City, potentially putting thousands of workers out of jobs as soon as this year. The technology is expected to drive a radical transformation in the financial capital, affecting wages, pension payments, and Wall Street profits. Outcomes could range from broad productivity gains to mass layoffs. City policymakers are positioned to influence how the transformation unfolds and are urged to take urgent steps, including building a multi-billion dollar financial cushion to handle economic calamity. New York hosts many firms competing to advance applied AI and has about one million Manhattan office workers who may face disruption. Uncertainty should not prevent local action alongside federal efforts.

"“There is no city in America - and perhaps none on earth - more exposed to both the promise and peril of artificial intelligence than New York City. And there are few places with more power to steer the transformation ahead,” Levin said in the report."

"“AI promises a ‘radical transformation’ in the globe's financial capital, influencing everything from wages to pension payments to Wall Street profits.”"

"“Uncertainty is not an excuse for inaction,” Levin said, saying local policies should complement much-needed efforts at the federal level. “We are not helpless.”"

"Levin predicted a range of scenarios both positive and negative, gauging the likelihood of outcomes as bullish as a broad-based productivity boom and as detrimental as mass layoffs, while calling for urgent steps like creating a multi-billion dollar financial cushion in case economic calamity strikes."

Read at ABC News