“From Crisis to Opportunity: A Policy Agenda for an Equitable NYC” lays out a plan to get all New Yorkers back on their feet post-pandemic.
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New York City lost 750,000 payroll and self-employed/independent contractor jobs on average between the months of February and December in 2020. The loss for the entire year was the worst single-year city job decline since the 1930s. The partial rebound since last spring has been called a K-shaped recovery for good reason; many in the bottom half of the economy have lost jobs or earnings and are experiencing severe housing and food insecurity, while most of those in the top half retain their jobs, and many have seen their financial assets rise in value. The city’s underemployment rate is 25 percent. This report examines the Covid-19 economic and employment impact in New York City, including the demographic and industry contours of the job market effects and how the pandemic has exacerbated wage and income inequality.
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This report examines New York City’s app-dispatch driver pay standard and finds that in the first year of the pay standard (pre-pandemic) driver pay increased by about nine percent, passenger fares rose slightly but not much more than in Chicago without a pay standard, passenger wait times declined significantly, and some of the pay increase was absorbed by the app-dispatch companies through lower effective commission rates.
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This report updates the Center's ongoing examination of the Covid-19 economic impact, finding that as of early August, unemployment remains distressingly high, and the July expiration of the temporary $600 Federal supplemental weekly unemployment insurance benefit will impose deep new hardships on hundreds of thousands of New Yorkers and on the entire city economy.
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