When I recently returned to City Hall, I asked myself this question: “Are we better off today than we were four years ago?” Now, having just helped Mayor Adams prepare his latest budget, I know the answer: we surely are.
Crime is down. Jobs are up to all-time highs. Affordable housing is being created at record rates. Transformative capital projects are fully funded and progressing. Early childhood education is being protected from federal cuts and even expanding.
Indeed, the mayor just unveiled his signature child care initiative: free universal after-school for every family who wants it. And the progress this administration has made on all these fronts is reflected in this budget.
Why, then, are some panicking, predicting the worst, and falsely claiming a crisis? These pessimists and political opportunists seem to revel in scare tactics, ignoring how resilient we are.
It was just three years ago that we faced the twin crises of COVID recovery and migrants arriving en masse in our city. But through prudent fiscal management, we have come back strong and are now well-positioned to withstand whatever comes our way.
In this budget, we are maintaining record levels of reserves — $8.5 billion, of which $2 billion is in a “rainy day” fund. But we are also continuing to fund priorities that are fueling our recovery: public safety, economic opportunity, affordable housing, major public works projects, and early childhood education. In other words, the mayor is delivering, big time, on his promise to make our city a place where working-class families can thrive and enjoy the quality-of-life we all deserve.
It comes as no surprise, then, that the mayor proclaimed this “the best budget ever.” Because it’s about investing in our city’s future. Here’s how:
Public Safety: Major crime is down by double digits over the first quarter of this year. On an annualized basis, we are on track for fewer homicides this year than anytime in more than six decades. Subway crime is also down by double digits, and there were zero murders in the transit system last quarter. Now, we will also be cracking down on quality-of-life offenses, with the NYPD creating a special 1,500-cop unit for that purpose. Moreover, we are bringing aboard 3,400 new police officers this year.
Economic Opportunity: After the devastating job losses we experienced during COVID, our city has enjoyed record job growth, reaching an all-time high of 4.86 million total jobs. We now have more than 183,000 small business — the highest number in city history —with one in five opened during this administration. All four independent rating agencies have upgraded our bond rating to AA. And now, the mayor has cut taxes again on working-class families by $63 million.
Affordable Housing: The Adams administration has made remarkable strides in advancing affordable housing. The mayor’s signature achievement — the landmark “City of Yes” initiative — will produce 80,000 units of affordable housing over the next 15 years. Indeed, the total amount of housing planned and financed in this administration in barely three years — more than 130,000 units — dwarfs the combined number produced in the last two administrations in 20 years. In all, this capital plan invests $24.7 billion in housing over the next decade.
Transformative Capital Projects: The capital budget funds and advances major projects that will change the landscape of our city. For example, the mayor has committed another $250 million to fully fund “Fifth Ave. of the Future,” giving our “boulevard of dreams” a huge facelift from Bryant Park to Central Park South, transforming it into a tree-lined, pedestrian mecca. And the mayor has committed hundreds of millions of dollars to fund the “Harbor of the Future,” transforming the city’s waterfront through innovative projects in all five boroughs.
Early Childhood Education: With federal cuts to Head Start and other early childhood development programs, Mayor Adams has made a historic commitment of $192 million in this budget to baseline that funding so no child will be left behind. And the mayor is now funding universal after-school for K-5 students, making it available in coming years to all who want it.
We’re also expanding NYC Reads and NYC Solves to reach half a million public school students this coming school year, and we’re funding 3,700 new teachers to ensure more individualized instruction.
And there’s more: For CUNY. For cultural institutions and cultural programs. For public libraries. For youth programs. For broadband in NYCHA. For cleaner streets and parks. All improving quality-of-life in our city.
So start spreading the news. We’re still the city where dreams are made of. And our future is bright.
Mastro is the first deputy mayor of New York City and served as deputy mayor in the late 1990s.
