Andrew Cuomo said Thursday that as mayor, he’d establish a $1.5 billion capital fund to help “induce and seduce” new businesses to come to New York City to spur sluggish private sector job growth.
The former governor said he is especially interested in bringing artificial intelligence companies to the Big Apple. “It would be a great addition to New York,” he said.
“We’re going to have to induce and seduce business to come and grow and stay, and when you look at those economic numbers, you have to do it quickly, and you have to be very serious about it,” he said.
Cuomo’s job-focused press conference comes after the New York Times reported that the city experienced the slowest jobs growth in the private sector outside a recession and the pandemic since 2003.
The ex-governor also said he would instigate a 90-day review process across city government. He didn’t provide many granular details about either proposal, nor did he offer any projections as to how many jobs these measures might create.
He said the capital fund, which would roll out over five years, could include allocating funds to converting underutilized city property, offering startup grants and doing international advertising to companies around the world.
Cuomo also argued the city is headed towards a “nightmare scenario” between slow job growth, federal instability and government budget deficits, taking the opportunity to jab at Democratic nominee Zohran Mamdani, who he paints as anti-business.
Mamdani has proposed increasing taxes on companies and wealthy New Yorkers to help fund his affordability agenda.
“This anti-capitalist rhetoric is very destructive and dangerous, especially at this point in time,” he said.
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