Economic costs related to Hurricane Sandy could top $18 billion in New York State, Comptroller Thomas DiNapoli said today in a statement. Those costs include the disruption of business and loss of property and wealth, though estimates remain in flux due to the continued power outages, especially in lower Manhattan.
“Our daily infrastructure of highways, power, sewer and water—the elements of modern life that we take for granted—have all been altered by this storm,” Mr. DiNapoli said in the statement. “Though the rebuilding effort may offset some of these losses, we must continue to monitor what the long-term economic impact to New York will be.”
The catastrophe modeling firm Eqecat is estimating total U.S. economic costs from Hurricane Sandy at between $30 to $50 billion.
Some other highlights from Mr. DiNapoli’s report:
Apple has been one of the hottest companies on the planet for going on a decade now, and that includes its retail stores. That glass cube on Fifth Avenue is perhaps the architectural icon of the city this century.
When The Observer learned that Apple was thinking of bringing its biggest iStore to Grand Central Terminal last year, it was viewed as a coup for both the company and the MTA—could there be a more desirable shop in a more desirable location? The fanfare that greeted the store’s opening rivaled that of an Apple product launch, with lines for days.
But then it was revealed that Apple was not paying a share of its profits to the MTA, as every other retailer at Grand Central does. The MTA insisted it was a good deal, but State Comptroller Tom DiNapoli promised an investigation last fall, and he has concluded in a new audit [PDF] that Apple got a sweetheart deal that is rotten for the MTA and tax payers.
It would almost seem that the stars had finally aligned. After weeks of stalled talks and contentious meetings between House Republicans and Democrats that escalated into a public spat between Speaker John Boehner and President Obama, a bill finally made it through the House and into the Senate, where it was speedily approved Tuesday morning Read More
State Comptroller Thomas DiNapoli hasn’t delivered much in the way of good news since taking over from Alan Hevesi, who resigned in disgrace in 2006. But the other day, the man who keeps the state’s books and watches over its pension funds had reason for a slight smile. New York, he announced, collected some $800 Read More
The campaign for state Comptroller Tom DiNapoli has hired Eric Sumberg to serve as press secretary.
Sumberg has worked for state Senator Tom Duane since March of last year, serving as spokesman during the near-passage of the same-sex marriage bill.
“We’ve had some great victories and some disappointments, but a great experience overall,” Sumberg told Read More
State Comptroller Tom DiNapoli is going after the less-than-loved oil giant BP.
DiNapoli announced this morning that his office would seek to be a lead plaintiff in a class action lawsuit against BP. The office recently estimated that the state pension fund, which owns BP stock, lost about $30 million in value on account of Read More
Bill Thompson said there is “a very good chance” he’ll run for office again, and said he’ll announce a decision next month about running statewide.
During an interview on Inside City Hall, Thompson said, “I guess there is a chance, or a very good chance eventually I’ll run for office again.”
He went Read More
The absurdities in Albany have gone beyond the outrageous. Now they’re costing towns and cities money. For example, the city has been unable to collect an extra half-cent in sales tax revenue because the State Senate hasn’t gotten around to passing required legislation. If this goes on too much longer, the city may have to Read More
State Comptroller Thomas DiNapoli’s office has issued a predictably grim assessment of the city’s securities industry going forward. Here’s the take on job losses, which could rattle through real estate and beyond in 2009:
As of October 2008, the securities industry in New York City had contracted by 8.7 percent. A 20 percent reduction would Read More
David Paterson just named a guy from Long Island—William Cunningham—to be his top aide. Will that pave the road to Albany for another Long Islander, Tom Suozzi?
Suozzi, the Nassau county executive, has openly declared an interest in running as Paterson’s lieutenant governor, should he be asked. Cunningham is Suozzi’s Read More