Community Update Newsletter

In this issue:
	Comptroller Thompson Pushes For Multi-Family Lending Protocol
	Thompson Works to Ensure Living Wage for New York City Employees
	Thompson Urges U.S. Senate Rejection Of Anti-Immigrant Measures In House Legislation
	Thompson: NYC Economy Slows For The First Time In Two Years

Comptroller Thompson Pushes For Multi-Family Lending Protocol

New York City Comptroller William C. Thompson, Jr. speaks at a news conference announcing multi-family lending protocol agreements with Citibank and New York Community Bank on Thursday, April 06, 2006.
Photo credit: Marla Maritzer

Comptroller William C. Thompson, Jr. recently joined New York State Comptroller Alan Hevesi, the advocacy group Housing Here & Now, and representatives of Citigroup and New York Community Bank to announce a groundbreaking agreement that will mean safer and healthier homes for over 110,000 tenants living in all five boroughs.

Under the agreement, both Citibank and New York Community Bank (NYCB) will work directly with Housing Here & Now, the New York City Department of Housing Preservation and Development (HPD) and City Council members to identify troubled buildings in their mortgage portfolios and work together to force landlords to make repairs.

In praising the efforts to reach an agreement, Thompson said, “Any bank that operates in New York City has a responsibility to its community and the residents who live there.”

Thompson added that by encouraging increased vigilance regarding living conditions in multi-family properties, the actions of Citibank and New York Community Bank “will go a long way towards creating industry-wide standards which will in turn mean improved living conditions for all New Yorkers.”

Thompson Works To Ensure Living Wage For New York City Employees

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Comptroller William C. Thompson, Jr. is reaching out to workers in a variety of occupations to encourage them to report any instances in which they are not receiving their legal wages.

A new bulletin from the Comptroller lists the wages that home attendants, Head Start employees, daycare workers, cerebral palsy workers, and security guards should be paid under the City's living wage law. The law also covers temporary office employees, food service and building service employees.

Said Thompson, "There is a reason that living wage laws are in place: to ensure that people are paid in a way that has been determined by law to be fair and equitable."

Currently, most of the workers in these titles which are outlined in the City statute should receive $9.60 per hour at a minimum, plus $1.50 in health benefits per hour. In July, the living wage rate will increase to a minimum of $10 per hour, plus $1.50 in health benefits per hour.

The new bulletin- which is in English and Spanish- is part of Thompson's efforts to ensure that workers are properly compensated. In March, the Comptroller announced a renewed campaign to assist bricklayers, carpenters, electricians, painters, plumbers, sheet metal workers, and security guards in receiving their legal wages.

The Comptroller's Bureau of Labor Law pursues both living wage and prevailing wage cases. Last month, the Comptroller announced the second highest ever settlement in a prevailing wage case, in which Netexit, Inc. underpaid 16 workers nearly $1.5 million for electrical work performed at 49 Human Resources Administration sites.

Thompson encourages workers to contact his Bureau of Labor Law at (212) 669-4443 to report any instances in which employers are not complying with the law.

Thompson Urges U.S. Senate Rejection Of Anti-Immigrant Measures In House Legislation

Thompson last month urged U.S. Senate Majority Leader William Frist both to embrace provisions in immigration legislation recently approved by the Senate Judiciary Committee and to exclude punitive provisions included in a House bill, H.R. 4437.

In his letter, Thompson stated: “I am deeply troubled by the House of Representatives' recent passage of H.R. 4437, the Border Protection, Anti-Terrorism, and Illegal Immigration Control Act of 2005. As you know, H.R. 4437 would make an immigrant's illegal presence in the United States a federal crime. It also criminalizes the act of assisting individuals who are here illegally, thereby jeopardizing the freedom and livelihoods of health care workers, social service staff, clergy and others.”

Added Thompson, “I question the wisdom of these highly punitive and exclusionary provisions and believe they are repugnant to our country's closely held notions of inclusiveness and opportunity.” As New York City's Chief Financial Officer, Thompson said he is also highly sensitive to economic benefits of a fair immigration policy.

A well-reasoned path to citizenship is consistent with a longstanding tradition that has sustained us as a nation and made us a beacon to others around the globe,” concluded the Comptroller.

Thompson: NYC Economy Slows For The First Time In Two Years

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Comptroller Thompson announced that New York City’s economy slowed its pace in the fourth quarter of 2005 in a new quarterly report, Economic Notes.

New York City ’s Gross City Product (GCP) – an inflation-adjusted measure of the overall economy – shows that the economy grew 2.1 percent in 4Q05, a significant dip from 3.3 percent in the third quarter. However, the City’s economic growth was slightly above the nation’s final Gross Domestic Product (GDP) growth rate of 1.7 percent.

Thompson’s report shows that both the City and the nation experienced an economic slowdown. Three out of five key economic indicators reflect a less robust economy in the fourth quarter compared with the third quarter. The remaining two economic indicators slightly improved this quarter compared with the last. But the inflation rate remains high at 4.0 percent, only a slight improvement from 4.1 percent in the third quarter.

Said Thompson: “It is my hope that the slow economic growth rate in the fourth quarter is an anomaly and not a sign of things to come. Factors such as the recent surge in energy prices, higher inflation rates, steadily increasing interest rates and their impact on the housing market, combined with impact of Hurricanes Katrina and Rita all must be carefully monitored over the next several months.”

Other concerns raised in the report are weak job growth and a high unemployment rate in 4Q05. Both the City and the nation added jobs in the fourth quarter, but at a much slower pace. New York City also had the second highest rate of unemployment compared with 20 of the largest metropolitan areas this quarter. The number of unemployed residents increased in the fourth quarter by 6,300, the largest jump in almost four years.

“The unemployment rate in the fourth quarter was troubling, but the data released last month shows that the rate has significantly dropped since late last year,” Thompson said. “It is my hope that the rate will continue to drop and more job seekers will find good jobs in the City.”