Mayor Adams unveils financial plan as NYS Control Board celebrates nearly 50 years of oversight

Mayor Eric Adams delivered a compelling overview of the city’s financial strategy, emphasizing a robust fiscal outlook and a commitment to public safety and economic growth.

The meeting, presided over by Governor Kathy Hochul, marked a milestone as the board approaches its 50th anniversary, a testament to its long-term dedication to ensuring the city’s financial health.

Governor Hochul opened the session by reflecting on the board’s nearly five-decade history, expressing gratitude for the collaborative efforts that keep New York City thriving.

She highlighted recent successes, such as the closure of over 1,000 illegal cannabis shops, which not only bolsters local businesses but also enhances revenue for the city and state.

As the mayor took the stage, he praised the unprecedented partnership between the city and state, crediting Governor Hochul for her unwavering support during challenges like the subway safety initiative and the ongoing migrant crisis. He acknowledged key figures in attendance, including state and city comptrollers, and underscored the importance of their roles in navigating New York’s financial landscape.

Mayor Adams outlined a promising fiscal plan for the years 2025 to 2028, declaring New York City the safest large city in America—a point underscored by a steady decline in crime rates and significant strides in public safety initiatives.

He reported a remarkable drop in overall crime for the seventh consecutive month, citing effective strategies that have led to the confiscation of over 17,600 illegal firearms since his administration began.

Moreover, the mayor noted the city’s impressive job creation numbers, with a record high of 4.76 million jobs—334,000 of which were generated under his leadership.

He emphasized the administration’s efforts to reduce unemployment disparities among marginalized communities, achieving the lowest rates in half a decade for Black and Latino residents.

In addressing the escalating cost of living, Mayor Adams highlighted initiatives aimed at making the city more affordable for working-class families. From substantial tax credits for low-income residents to a groundbreaking affordable housing plan targeting 500,000 new homes by 2032, the administration is focused on ensuring that economic opportunities are accessible to all New Yorkers.

The mayor’s remarks also touched on the city’s commitment to supporting public education and essential services without resorting to layoffs or tax increases, despite the financial challenges posed by the recent influx of asylum seekers. He reiterated the administration’s proactive fiscal management, which has led to a balanced budget of $112.4 billion for the upcoming fiscal year.