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Press Release
Pensions & Benefits
Report Reveals Benefit to Teachers Costs NYC Taxpayers $1.2 Billion Annually
Teachers Guaranteed a 7 Percent Return on Deferred Compensation Investments
October 05, 2016
Like many public and private sector workers, New York City teachers can contribute to a voluntary tax-deferred compensation plan. However the teachers’ plan is unique in its guarantee of a fixed rate of return. Taxpayers are making up the difference at an annual cost of $1.2 billion.
Op Ed
City Budget
The “20-20-20-20” Dilemma
The Need to Curtail New York City’s Legacy Costs
August 03, 2016
A giant and rapidly growing slice of the New York City budget pays for "legacy costs" - pensions, retiree health benefits, and debt service - which already exceed 20 percent of the budget and will expand by 20 percent to more than $20 billion in annual spending by fiscal year 2020. But the City can take steps to deal with it.
Op Ed
City Budget
The Rapidly Rising Cost of City Workers
New York City Employees Get $138,000 in Pay and Benefits, and Rising
June 09, 2016
The mayor and City Council quickly came to an agreement on the details of an adopted budget for fiscal year 2017, but little attention has been paid to spending projected over the course of the five-year financial plan. We ought to focus, and hold onto our wallets.
Op Ed
City Budget
Make NYC’s Retiree Health Benefit Trust More Trustworthy
May 25, 2016
The City of New York has a $70 billion liability for retiree health insurance costs and other post-employment benefits (OPEB), not including pensions. These benefits are contractually owed to retired city employees and are largely unfunded.
Press Release
Housing
CBC Analysis Finds That 42 Percent of New York City's Renter Households Are "Rent Burdened"
November 12, 2015
This CBC brief uses newly available data to reveal who is most affected by the rent burden in New York City. The analysis explores a variety of household characteristics, making it possible to develop a more nuanced assessment of the rent burden.
Op Ed
Pensions & Benefits
Fringe Benefits Challenge New York School Budgets
July 20, 2015
The problems facing school districts are complex, but one common challenge is the unrelenting rise in fringe benefit costs.
Video
Pensions & Benefits
Cuomo Wants to Roll Back Part of Pension Reform for Police, Firefighters
NY1
May 15, 2015
When it comes to police and firefighters, Governor Andrew Cuomo wants to roll back part of the pension reform he helped push through the state legislature in 2012.
Press Release
Housing
CBC Report Highlights Strategies for NYCHA to Improve Operations and Close Deficits
Report Recommends Specific Actions Needed to Enhance City's Public Housing to Better Serve Residents
April 29, 2015
The report provides a financial analysis of NYCHA, the largest public housing agency in the nation with more than 178,000 housing units at an annual operating cost of $2.6 billion.
Op Ed
Pensions & Benefits
NY Needs Real Pension Reform
December 07, 2010
Senior Research Associate Maria Doulis pens an op-ed on the need to reform public employee pensions that costs state and local governments nearly $1.5 billion.
Op Ed
Pensions & Benefits
City Worker Pensions Vs. Kids
Bloomy Must Cut Youth Services Because Adult Costs Are Out Of Control
December 04, 2010
New York provides a troubling example of how the inability to contain costs associated with a large municipal workforce imposes a greater burden on the most vulnerable populations, notably low-income children.
Op Ed
Housing
Rent Regulation: A Big Tax On NY
The Law Needs a Massive Overhaul
July 06, 2010
The push to continue rent regulation is fueled by far more populist rhetoric than economic reason. As a corrective, a new report by the Citizens Budget Commission reveals some startling facts about the current system.
Op Ed
Pensions & Benefits
Sickening 'Sweeteners'
June 28, 2010
Pension contributions this year will cost the state government alone $1.7 billion in fiscal year 2010-11 -- an amount already set to grow 85 percent, to $3.2 billion, by 2014. How much higher must it go before the Legislature puts the taxpayers ahead of special interests?
Op Ed
City Budget
Time for Prudence in City Benefits
April 10, 2010
Executive Vice President and Director of Research Charles Brecher pens this op-ed that discusses ways to rein in growth of the City's retirement benefits, notably pensions and health insurance.
Op Ed
Education
What Mike Must Get From Teachers
January 31, 2010
President Carol Kellermann outlines what Mayor Bloomberg must accomplish in his negotiations with the Teachers' Union in order to get the vital reforms needed to fix the school system.