Issue Position: Economic Recovery

Issue Position

Economic Recovery Plan

We need a strong economic recovery plan for the state of New York. Our strategy must be one of revenue generation, not one that raises local property taxes and cuts important state programs.

I have short and long term plans that will ensure revenue generation and that will bring efficiency to the way that the state spends money now.

Short Term Plans
First, the state of New York has a stock transfer tax, but the money goes back into the coffers of Wall Street through rebates. The rebates amount to $13-16 billion. The tax has been on the books since 1905, but effectively stopped being collected in the 1970s. The state must collect its dues from Wall Street. This is an easy way for the state to get the revenue needed to prevent residents from suffering from cuts to social services.

Second, the Federal Reserve Board will offer up to $500 billion in lending to states and municipalities to help manage cash flow stresses caused by the coronavirus pandemic in what is called the Municipal Liquidity Facility (MLF). U.S. counties with a population of at least 500,000 residents, and U.S. cities with a population of at least 250,000 residents are eligible to borrow.

Third, we must lobby the federal government to cover state and local governments in the next stimulus package. The country cannot just bail out large corporations. Congress must remember that individual states and local municipalities are the drivers of the country's economy.

At the state level, I will support the New York Forward Loan Fund (NYFLF) which is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak. The fund must include New York farmers. During the recovery process, I will be sure to leverage the economic development agencies like Chambers of Commerce, small business associations, and farmer's associations to be at the table.

Additionally, to stabilize our economy in a manner that is equitable policies to keep people in their homes and increase access to affordable housing will be critical. I will fight for grant funding and tax incentive programs that increase affordable housing access and mixed-income development.

These short-term plans might be able to bring some relief to the state budget quickly, a longer-term solution is needed to ensure the strength of the state's fiscal health well into the future.

Long-Term Strategy
First, we must pass the New York Health Act because not only will this ensure a healthy workforce, but it will also cut costs across the state. A recent study found that healthcare spending in the state would be similar to what it is now in 2022, and reduce costs by 3 percent lower by 2031. It would lead to a ten-year cumulative net savings for the state.

Second, I will support the implementation of the Green New Deal workforce. This is the area in which job growth is most likely. As of 2018, the clean energy industry employed 158,744 people in New York State. We need to expand jobs in this sector, including in energy efficiency, renewable energy, and in the workforce that can modernize our grid system. This can be done by investing in workforce development opportunities and training. The state's colleges, especially community colleges (TC3), can take the lead in training the new green workforce.

Third, cannabis legislation will jumpstart our district's and the state's economy as new businesses are formed. New businesses include nurseries, cultivators, processors, distributors and dispensaries. These businesses need financing, rental space, electricians, plumbers, marketing, websites, and staff. Across our district and the state we'll create new businesses, new microbusinesses and jobs. While introducing this year's proposed budget Gov. Cuomo's office said once cannabis legislation fully rolled out it "is expected to bring in $300 million in tax revenue" Cannabis taxes will provide a new revenue stream for NY at a critical financial time.

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