David Yassky for New York City Comptroller
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June 24, 2008

Promoting Job Growth and Diversification

New York City is at a crossroads in determining our economic future.  While the financial services industry has provided high-paying jobs to thousands of individuals and has kept us afloat during tough economic times, we must recognize that being too dependent on any one sector carries a risk – if that sector suffers a downturn, our entire economic base erodes.  This is precisely what we are seeing right now in New York State and New York City – as the financial sector recedes, we are facing significant deficits because of lost tax revenue.  So, while we want to make sure we keep the finance industry here in New York, we must also diversify our economy to keep it more stable during unavoidable economic shifts.

I have worked toward this goal on the Council, creating jobs through innovative programs that have encouraged the film and television industry to expand here in New York, created low-cost space for manufacturers who want to start up or expand in New York City, and proposed a unique micro-lending program for entrepreneurs and other small businesses.

As Comptroller, I will continue to push for new ways to expand our job base, including creating a new program, called the Five Borough Investment Program, modeled after the New York State Common Retirement Fund’s “In-State Private Equity Investment Program.”  This program has provided above-market-rate returns to the Fund, while simultaneously providing much-needed capital to help businesses within the State.

I will also use the audit power of my office to hold all job-development programs to the highest standards of accountability.  Far too often, businesses are given tax breaks and then fail to create the jobs they promised or worse yet move out of our city completely.  As City Comptroller, I will audit each economic development program, report back to the taxpayers on the effectiveness and cost of that program, and make appropriate recommendations for fixing the problem we find.