Op-Ed | Mayor Mamdani must put his city EDC to work | amNewYork

"Since his inauguration, Mayor Mamdani has pursued an economic agenda centered on justice and affordability. No doubt, too many New Yorkers must navigate high housing and childcare costs, living paycheck to paycheck. A more affordable city is certainly a goal to which we subscribe. But, if we focus on this to the exclusion of economic growth and job creation, the goal will prove illusory."

"The key is not just how the pie is divided, but whether the pie is growing particularly with New York facing economic headwinds. The city lost 19,500 jobs last year and almost 60% of New Yorkers believe the economy is off-track. While recent graduates still come to New York in droves, the city's share of that talent is gradually declining."

"Longer-term challenges compound these trends. The city's financial services sector a source of much-needed tax revenue and companies in other sectors are increasingly locating jobs in lower-cost markets. These dynamics underscore an important point: This is the moment for New York to double down on job creation, business attraction and overall economic growth."

"Doing so does not conflict with the Mayor's equity and affordability agenda; it makes it achievable at scale. To be sure, the Mayor has highlighted important economic development priorities, from infrastructure to lowering housing costs. While these are laudable, they are no substitute for a more comprehensive, growth-oriented economic development strategy."

High housing and childcare costs leave many New Yorkers living paycheck to paycheck, making affordability a central goal. Focusing only on dividing resources without growing the economy can make affordability harder to achieve, especially amid economic headwinds. New York has lost jobs, many residents believe the economy is off-track, and the city’s share of new graduates is declining. Financial services and other sectors are increasingly shifting jobs to lower-cost markets. These trends point to the need to prioritize job creation, business attraction, and overall economic growth. Growth-oriented economic development can complement equity and affordability goals by expanding resources and enabling large-scale progress.

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