Levine Warns NYC Revenues Up But Job Growth Stalling

"On Friday he warned that while revenues are rising, private sector job growth has narrowed to a thin slice of health care and social service roles, especially lower paid home care positions. Posting on X, Levine said revenues are up but "job growth has stalled outside of home healthcare aides and social services," and he urged City Hall to move quickly to keep talent from leaving and to link New Yorkers with good paying work."

"On paper, the city's revenue picture looks impressive. Tax collections hit record territory in FY2025, with the city's economic development arm reporting roughly $90.1 billion in tax receipts last year. According to NYCEDC, those receipts have grown every year since FY2019, helping push headline revenues steadily higher. The Comptroller's latest quarterly cash report shows recent tax receipts running ahead of last year's levels, a sign that the revenue tailwind is real even as other parts of the economy look shakier."

City tax receipts reached roughly $90.1 billion in FY2025, with collections rising every year since FY2019 and recent tax receipts running ahead of last year's levels. Private-sector hiring gains are heavily concentrated in health care and social assistance, particularly in lower-paid home-based care roles rather than higher-paying fields. Job growth outside home healthcare aides and social services has stalled. Rising revenues create short-term fiscal cushion, but concentrated hiring and lower-wage job mix raise concerns about talent retention, long-term workforce capacity, and the ability to connect residents with good-paying employment.

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