Since his inauguration, Mayor Mamdani has pursued an economic agenda centered on justice and affordability. As former leaders of two of New York\u2019s most important economic development agencies, we view this as a worthwhile starting point.<\/p>\n
No doubt, too many New Yorkers must navigate high housing and childcare costs, living paycheck to paycheck. A more affordable city is certainly a goal to which we subscribe.\n<\/p>\n
But, if we focus on this to the exclusion of economic growth and job creation, the goal will prove illusory. As one economist put it, \u201cIt\u2019s a lot easier to deal with inequality in a growing economy than in a stagnant one.\u201d<\/p>\n
The key is not just how the pie is divided, but whether the pie is growing \u2013 particularly with New York facing economic headwinds. The city lost 19,500 jobs last year and almost 60% of New Yorkers believe the economy is off-track. While recent graduates still come to New York in droves, the city\u2019s share of that talent is gradually declining.<\/p>\n
Longer-term challenges compound these trends. The city\u2019s financial services sector \u2013 a source of much-needed tax revenue \u2013 and companies in other sectors are increasingly locating jobs in lower-cost markets.<\/p>\n
These dynamics underscore an important point: This is the moment for New York to double down on job creation, business attraction and overall economic growth. Doing so does not conflict with the Mayor\u2019s equity and affordability agenda; it makes it achievable at scale.
To be sure, the Mayor has highlighted important economic development priorities, from infrastructure to lowering housing costs. While these are laudable, they are no substitute for a more comprehensive, growth-oriented economic development strategy.<\/p>\n
New Yorkers know this from experience. After 9\/11, we successfully rebuilt Lower Manhattan as a vibrant, mixed-use community. In the wake of the 2008 financial crisis, we made a deliberate push to grow our technology sector, establishing New York as a leading tech hub. We have since diversified our economy to reduce reliance on any single industry.<\/p>\n
The lesson: Growth does not happen by accident. It requires sustained focus, institutional capacity, and constructive engagement with the private sector.\n<\/p>\n
Leadership also matters. The Mayor must leverage the city\u2019s Economic Development Corporation, which has historically helped shape the city\u2019s economic trajectory. The agency needs a full-time leader and the Mayor should appoint one who will simultaneously bring a focus on economic justice, as well as job creation. The city\u2019s economic future \u2013 especially as AI emerges \u2013 depends on aligning these priorities, not treating them as competing goals.<\/p>\n
New York must also remain a place where businesses can start and grow. That means taking seriously the cumulative impact of taxes and regulation, ensuring the city remains competitive in an increasingly mobile economy. It also means recognizing that private enterprise, which creates most city jobs, is treated not as an adversary, but part of the solution.<\/p>\n
And let\u2019s not forget, at its core, job creation is a matter of economic justice. Work provides more than a paycheck. It offers stability, dignity, and upward mobility. It connects people to communities and creates long-term security. As Dr. Martin Luther King, Jr. observed, \u201call labor that uplifts humanity has dignity and importance.\u201d A growing economy creates more opportunities for that dignity to be realized.<\/p>\n
If New York can recommit to policies that encourage growth while advancing fairness, it can continue to do what it has done at its best moments: Create a rising tide that truly lifts all boats.\n<\/p>\n
Eric Gertler, is a former president and CEO of the New York State Empire State Development Corporation; Seth Pinsky is a former president of the New York City Economic Development Corporation. <\/p>\n","protected":false},"excerpt":{"rendered":"Since his inauguration, Mayor Mamdani has pursued an economic agenda centered on justice and affordability. As former leaders…\n","protected":false},"author":3,"featured_media":559988,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5122],"tags":[5229,89360,405,403,5226,5225,5228,5227,3586,1269,67,586,132,5230,68,2969,5301],"class_list":{"0":"post-793544","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-america","9":"tag-edc","10":"tag-new-york","11":"tag-new-york-city","12":"tag-newyork","13":"tag-newyorkcity","14":"tag-ny","15":"tag-nyc","16":"tag-op-ed","17":"tag-opinion","18":"tag-united-states","19":"tag-united-states-of-america","20":"tag-unitedstates","21":"tag-unitedstatesofamerica","22":"tag-us","23":"tag-usa","24":"tag-zohran-mamdani"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/116567570456068121","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/793544","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=793544"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/793544\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/559988"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=793544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=793544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=793544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}