Mike Bloomberg is only a few minutes into the presentation of his executive budget in the Blue Room right now, and he’s already setting out to debunk the an oft-repeated criticism of the city’s economy: that Wall Street is booming but everyone else is falling behind.
He said the “Wall Street bonus pool was significantly higher,” but that non-Wall Street earnings in the city grew at a rate of 1.17 percent above the rate of inflation.
His language was more guarded the real estate picture. Bloomberg said that it’s taking longer on average to sell a house in the city, which will inevitably drive the cost of houses down and lead to less revenue in the future.
In other words, don’t get too excited about those extra billions of dollars in revenues you may have been reading about lately.
– Azi Paybarah