Economy

It’s time for a new economy that works for all New Yorkers —

To recover the right way, we must maximize resources and use regulatory powers to fix structural economic and social issues.

It is time to bring back New York businesses by:

  • Attracting start-ups and new investment.
  • Lifting up working people.
  • Sustaining our small businesses.
  • Developing a next-level citywide job training and placement program.
"I will slash the red tape to save small businesses. "

Our city’s economy was hit hard by COVID-19 — and it is lower-income and blue collar New Yorkers who were hit the hardest. The pandemic has cost us hundreds of thousands of jobs and billions of dollars in salaries, hourly pay, and tax revenue, but COVID-19 is not the sole reason for the deep hole we find ourselves in.

Our economy was already on uneven ground, with pervasive inequality and vast wealth disparities.

Before the pandemic, Latino and Black households averaged approximately half the income of white households. Now that disparity is even worse.

To recover the right way, we must maximize resources and use regulatory powers to fix structural economic and social issues. That means prioritizing spending on programs, services, and contractors that reduce inequality – and revisiting regulations that discourage growth, particularly in Black and Brown-owned small businesses.

We will use targeted tax breaks and other tactics to lift up working people, build out new green infrastructure and affordable housing, and create hundreds-of-thousands of new jobs.

We must also rebuild our tourism and hospitality industries, create a much more robust job training and placement program, and create a more inclusive economy with growth opportunities for all.

I know we can do it. Here’s how I will bring back New York better than ever.

A New Economy For All New Yorkers

Estimates are that, even after the COVID crisis is somewhat under control, New York City will have half-a-million fewer jobs than before the pandemic. To recover faster and stronger, and to grow an equitable economy, we must expand into new emerging industries that have the potential to provide work for New Yorkers from all backgrounds and educations. I will do that by:

  • Investing significantly in green jobs, including renewable energy production and transmission, building retrofits, infrastructure improvements, and a booming wind power industry.
  • Growing the life sciences industry here with incentives and changes to our land use and buildings rules.
  • Attract start-ups and new investment with incubators and programs linked to CUNY, offering tax breaks and cheaper space.

Lifting Up Working People

Working-class New Yorkers are struggling during this financial crisis — and they need direct assistance now and a much stronger safety net for the future. We also must do a much better job of finding jobs for New Yorkers. I will do that by:

  • Providing direct cash assistance to New Yorkers through my NYC AID program.
  • Offering subsidized or free childcare to any New Yorker needs it.
  • Creating an unprecedented effort to place New Yorkers in new jobs.

Sustaining Our Small Businesses

Our small businesses are the backbone of our economy — and we must provide them with the support to re-open and grow. At the same time, we have to spend New Yorkers’ tax dollars on New Yorkers and their businesses, focusing on minority- and women-owned businesses that have historically not been included in economic booms and City spending.

  • Prioritizing minority- and women-owned businesses for City contracts.
  • Eliminating fees and significantly reducing fines for small business.
  • Supporting our bars and restaurants – and their workers – with tax breaks.

"I believe in New Yorkers. Whether they’ve ever questioned the dream in which they live, I wouldn’t know, because I won’t ever dare ask that question."

– Dylan Thomas

I stand with you, I stand for you and together we’ll answer the promise of New York City.

-Eric Adams, the People's Candidate

"There comes a point where we need to stop just pulling people out of the river. We need to go upstream and find out why they're falling in."

– Archbishop Desmond Tutu

All New Yorkers need to know, including Latinos in Spanish, that Eric Adams is a progressive Democrat who believes that New York’s comeback starts with making sure every kid has a fair shot at a safe and secure future.  Eric’s plan – investing in early childhood education, improving our public schools — and safe, affordable housing.  And it also means getting illegal guns off of our streets and tackling violent crime — head on.

Become A Volunteer

Eric is deeply passionate about creating positive change in the lives of all New Yorkers.  For over 30 years he has been a dedicated servant of the People.  Now is our time to stand with Eric for an equitable New York City.

    By providing my cell phone number I agree to receive texts from EricAdams2021. Msg & Data Rates May Apply. Text STOP to opt out. Text HELP for more info.  Privacy Policy.  Terms of Service.