New York City Comptroller Mark Levine outlined a strategy to address the city’s fiscal challenges without increasing taxes, speaking at a Crain’s event on Wednesday. Levine, newly sworn into office, emphasized the need for efficiency measures and additional state funding as key components of the plan. "We have the option of finding more efficiencies and savings and getting more fiscal help from Albany," Levine told an audience of business leaders at the New York Athletic Club.
Levine acknowledged the political difficulty of making spending cuts but identified areas where reductions could be considered, including certain rental assistance programs and education-related expenses. He specifically mentioned CityFHEPS, which provides rental subsidies, and payments for private school tuition for special needs students, known as Carter Cases. While noting these programs are valuable to many residents, Levine expressed concern over their rapidly increasing costs.
A significant part of Levine’s proposal involves restoring state funding through the Aid and Incentives for Municipalities (AIM) program. The city lost AIM funds in 2010, and Levine argued that New York City should receive a per capita amount comparable to other cities, estimating the value at about $2 billion annually. He also stressed the importance of economic growth to naturally boost tax revenues over time.
"Growing the economy is the best way to ensure we have the revenue to meet the needs of vulnerable New Yorkers," Levine said. He concluded that combining spending controls, restored state aid, and economic expansion could return the city to a stable fiscal position without resorting to tax increases.