NYC mayor unveils post-pandemic economic development plan

Stacy Kim

New York City Mayor Eric Adams intends to begin a new chapter for the city’s economy after unveiling a rigorous plan called “Rebuild, Renew, Reinvent: A Blueprint for New York City’s Economic Recovery.”

The plan aims to rebuild the city’s economy that has been knocked down by the COVID-19 pandemic by following decisions made by Adams, such as Key to NYC and the Subway Safety Plan.

“Not only are we casting a vision for a more prosperous city, but we’re outlining the action steps to restart our economy in an equitable, strategic, and future-focused way,” Deputy Mayor for Strategic Initiatives Sheena Wright said. “By rolling up our sleeves and working together, we will rebuild, renew, and reinvent the economic recovery of our city.”

Adams’s blueprint has garnered praise from many New Yorkers, including workers, consumers and small businesses. It was built upon five key pillars, to “restart the city’s economic engines, support small businesses, build a future-focused economy, connect New Yorkers to quality jobs, and plan for inclusive growth.”

Among the 70 concrete actions in the recovery plan, there are steps to help many small businesses that closed during the pandemic. For example, the administration proposed a fund for small businesses to help underserved local businesses financially, invest in small “Business Improvement Districts” and help firms owned by minority groups and women to grow.

One of the industries the plan hopes to support is tourism. Since the pandemic started, the city saw a sharp decline in the number of tourists, resulting in the closure of many businesses.

“As an industry that supports hundreds of thousands of jobs and impacts businesses big and small, tourism is vital to the city’s economic recovery efforts. We look forward to doing all we can to support New York City’s comeback and ensure we remain the world’s most welcoming and aspirational destination,” Fred Dixon, the president and CEO of NYC & Company, said.

New Yorkers are awaiting a more equitable and prosperous city to flourish before them as the plan also aims to protect workers’ rights. According to the plan, labor standards for app-based delivery workers will be enforced, and financial counseling will be given to Workforce 1 career centers.

The plan, built on equity and inclusivity, gives a future to all New Yorkers who weathered the brunt of the pandemic, and rebuilds rather than building upon what already crumbled.

“New York City’s recovery cannot and will not be about going back to the way things were,” Adams said