NEW YORK (CBSNewYork) — Comptroller Scott Stringer said growth in the New York City economy is slowing, and said there is “turbulence ahead.”
As WCBS 880’s Rich Lamb reported, Stringer said President Donald Trump’s policy proposals could spell trouble for the city.
“If President Trump forges ahead with threats to trade and immigration, we’ll likely see a dramatic slowdown in the years to come,” Stringer said.
Stringer said the city’s upward direction in spending is outpacing its increase in revenues, and he warned that the city should be tucking away more money in reserve.
“We need to add to our savings, not dipping into them,” Stringer said.
Stringer was especially critical of the de Blasio administration spending $2.3 million in homeless services, pointing out that half the increase in spending in that budget was on commercial hotel rooms.
Stringer said using hotel rooms is not a strategy for solving homelessness.