{"id":16076,"date":"2020-06-26T20:17:00","date_gmt":"2020-06-26T17:17:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/de-blasio-hopes-albany-will-lend-billions-to-nyc-in-coronavirus-plan\/"},"modified":"2020-06-26T20:17:00","modified_gmt":"2020-06-26T17:17:00","slug":"de-blasio-hopes-albany-will-lend-billions-to-nyc-in-coronavirus-plan","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/de-blasio-hopes-albany-will-lend-billions-to-nyc-in-coronavirus-plan\/","title":{"rendered":"#De Blasio hopes Albany will lend billions to NYC in coronavirus plan"},"content":{"rendered":"

“#De Blasio hopes Albany will lend billions to NYC in coronavirus plan<\/strong>”<\/p>\n

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June 26, 2020 |<\/span> 1:17pm <\/p>\n

\n Mayor Bill de Blasio expressed optimism Friday that Albany will give him the authority to borrow billions of dollars to help the cash-strapp<\/a>ed city weather the economic fallout resulting from the coronavirus pandemic.<\/p>\n

De Blasio, who has threatened to lay off 22,000 city government workers because of massive hole in the city\u2019s finances, said negotiations have heated up with Gov. Andrew Cuomo and the state Legislature that would give him the green light to borrow upwards of $7 billion \u2014 generated by floating long-term bonds that would be paid off in 30 years.<\/p>\n

Last month, the governor and lawmakers resisted de Blasio\u2019s pitch as premature.<\/p>\n

His urgent appeal also comes because President Trump and Congress have not approved a COVID-19 bailout plan for reeling state and local governments whose tax bases have been destroyed by the pandemic.<\/p>\n

The mayor and the City Council are in talks to finalize a new budget by July 1.<\/p>\n

\u201cWe\u2019re still working on a borrowing plan with Albany, a lot of conversations are going on,\u201d de Blasio said during a press briefing. \u201cBut we don\u2019t have anything yet to tide us over\u2026. We\u2019ve had extensive conversations.\u201d<\/p>\n

He said the borrowing may not be necessary if the feds come to the rescue \u2014 but that hasn\u2019t happened.<\/p>\n

\u201cWe need the fallback,\u201d the mayor said.<\/p>\n

De Blasio said state lawmakers want assurances that the mayor and Council won\u2019t boost property taxes if they give him the OK to take out the massive loan to help stabilize the city\u2019s finances.<\/p>\n

\u201cThere will not be a property rate tax increase,\u201d the mayor said.<\/p>\n

The mayor said the city\u2019s faces a projected $9 billion loss in revenues over the next two years.<\/p>\n

A powerful state senator confirmed that lawmakers are looking more favorably at the mayor\u2019s request.<\/p>\n

\u201cThere is a growing recognition that the city is between a rock and a hard place,\u201d said Senate Finance Committee chairwoman Liz Krueger (D-Manhattan).<\/p>\n

She noted that the Legislature gave Cuomo the authority to borrow up to $11 billion if needed to shore up the state\u2019s shaky finances.<\/p>\n

\u201cThe city and state are in a parallel situation,\u201d she said.<\/p>\n

But Krueger said it\u2019s important that the city government provide a united front, with the City Council joining the mayor in requesting borrowing authority.<\/p>\n

\u201cThat would give greater assurances to Albany that there is a broad political backing,\u201d she said.<\/p>\n

Council Speaker Corey Johnson (D-Manhattan) said on Thursday said he was open to a COVID-19 borrowing after expressing reservations last month.<\/p>\n

\u201cWhen I gave my position a month ago, I said I wasn\u2019t open to borrowing $7 billion with no guardrails and no plan for where it goes,\u201d Johnson said.<\/p>\n

\u201cI am open to a responsible borrowing plan if we are at the same time focusing on meaningful cuts to agencies. We can\u2019t just borrow to avoid looking hard at our budget\u2026. If we can get some borrowing to fill the gap I\u2019m not opposed to that but that can\u2019t be a replacement for the other hard work we need to do on identify agency savings.\u201d<\/p>\n

De Blasio thanked Johnson for backing a COVID-19 borrowing plan.<\/p>\n

\u201cWe are all united in wanting to find a way to avert those layoffs,\u201d he said.<\/p>\n

But the mayor acknowledged some key issues have to be ironed out.<\/p>\n

Cuomo wants a state financial control board to monitor the city\u2019s loan and spending practices.<\/p>\n

De Blasio said he\u2019s open to state oversight \u2014 as long as it doesn\u2019t micromanage or strip<\/a> the mayor and Council\u2019s ability to spend and \u201cdetermine\u201d the city\u2019s budget.\n <\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n

Source<\/a><\/span><\/p>\n

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“#De Blasio hopes Albany will lend billions to NYC in coronavirus plan” June 26, 2020 | 1:17pm Mayor Bill de Blasio expressed optimism Friday that Albany will give him the authority to borrow billions of dollars to help the cash-strapped city weather the economic fallout resulting from the coronavirus pandemic. De Blasio, who has threatened…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[28330],"class_list":["post-16076","post","type-post","status-publish","format-standard","hentry","category-general","tag-de-blasio-hopes-albany-will-lend-billions-to-nyc-in-coronavirus-plan"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/16076","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=16076"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/16076\/revisions"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=16076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=16076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=16076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}