COMPTROLLER RELEASES ECONOMIC NOTES

According to a study released in July’s Economic Notes, the quarterly publication issued by the Comptroller’s Office, the New York region is the single largest contributor to US Gross Domestic Product, accounting for more than $1.1 trillion, or nearly ten percent of the nation’s output.

The study was based on a new data series released by the U.S. Bureau of Economic Analysis, which allowed, for the first time, metropolitan regions to be compared with one another.  The findings showed how critical the New York region is to the financial well-being of the nation.

“With these new data findings, it is clear that the New York region is the largest economic engine in the country,” Thompson said.  “These numbers should be a wake-up call for those in Washington to consider the effects to our area when implementing budgets and formulating new economic policies.”

Economic Notes can be viewed at www.comptroller.nyc.gov

THOMPSON URGES PENSION FUNDS TO FOLLOW NEW YORK IN PROTECTING AFFORDABLE HOUSING

Comptroller Thompson is asking more than three dozen of the country’s largest public pension funds to adopt a real estate investment principle, following a move by the New York City Pension Funds to protect residents of low-and moderate-income housing. 

After learning of aggressive tactics being put forth by certain real estate managers aimed at pressuring low-rent tenants to vacate their apartments, the Comptroller and the Pension Funds reaffirmed their commitment to protect affordable housing and its residents.

Among the actions taken by the Pension Funds was to begin engaging building management to ensure the fair treatment of tenants and adding reputable operating partners to help manage affordable housing investment opportunities.

“I ask that you join me in instituting practices that support the housing needs of low-and moderate-income families,” Thompson wrote.

COMPTROLLER THOMPSON RELEASES AUDIT FINDINGS

New York City Comptroller William C. Thompson, Jr. holds a news conference on Monday, July 14, 2008 to expose how the Department of Sanitation had poor checks and balances over the identification and cleaning of vacant properties.

View Audit

Over the past few weeks, Comptroller Thompson released a series of audits identifying financial and management problems in City agencies.  Several of the audits, available at www.comptroller.nyc.gov, found the following:

• The Department of Sanitation Department’s Vacant Lot Clean-Up Program needed to clean up its own shop. Auditors visited vacant lots scheduled to be cleaned up and found that many didn’t have much debris. However, the agency assigned crews and equipment to clean up the sites, claiming as much as 16 tons of trash were removed. Photographs by the auditors showed that the lots had no such volume of debris.

• click photo to enlarge

  Exposed electrical wiring found at a senior center was one of many hazardous conditions uncovered by the Comptroller’s audit team.

  The Department of Education (DOE) was asleep at the wheel when it came to handling school bus-related complaints, with some complaints left pending resolution between three months and almost one year.  The Comptroller’s audit found half of surveyed parents were dissatisfied with the way the DOE handles complaints about bus service.

COMPTROLLER SUPPORTS NATIONAL NIGHT OUT AGAINST CRIME

Comptroller Thompson is asking New Yorkers to contact their local police precincts this month to take part in the 25th Annual National Night Out Against Crime on August 5th.

“By strengthening the relationship between our law enforcement personnel and the communities they serve, we will go a long way in helping to reduce crime throughout this City,” said Thompson, who has participated in National Night Out for a number of years.

National Night Out Against Crime is a nationwide event that aims to increase awareness about police programs in communities, such as drug prevention, town watch and other anti-crime initiatives.  Members of the Comptroller’s Office will attend neighborhood gatherings across the City as part of the event.

You can visit www.nationaltownwatch.org/nno for further details, or contact your local police precinct for events in your neighborhood.

SECOND EDITION OF FORECLOSURE PREVENTION MANUAL ISSUED

Troubled by the staggering foreclosure rates across the country, Comptroller Thompson released the second edition of his Foreclosure Prevention Guide.  The updated guide, available at www.comptroller.nyc.gov, provides necessary information about mortgages and programs available to help New Yorkers facing foreclosure. In addition, the guide urges New Yorkers who are facing foreclosure to call the Comptroller’s Foreclosure Prevention Hotline at (212) 669-4600, which has generated more than 3,500 calls to date.