Independent Budget Office

Policy, Transportation

nyc subway, subway, 34th street

Photo courtesy of Roman Kruglov’s Flickr

New Yorkers employed by the city have missed 17,143 hours of work because of transit delays and malfunctions, according to the Daily News. A new analysis by the Independent Budget Office (IBO), shows that city workers are on track to miss nearly 26,000 hours of work for the entire year, an increase of almost 30 percent from previous years. The report found the incident that caused the most city workers to be late happened in January when city workers lost a total of 1,075 hours after water spilled onto the tracks at West 4th Street-Washington Square station.

Find out more

Architecture, Construction Update, hudson yards, Major Developments, Midtown West, New Developments, Urban Design

Hudson Yards, Midtown West, Visualhouse, Far West Side (7)

The opening of the first Hudson Yards tower dominated headlines Tuesday, but with this milestone also came a resurgence of criticism. As Crain’s reports, the Independent Budget Office has released a new study (pdf) highlighting that, to date, the city has spent nearly $359 million paying interest on $3 billion in bonds that were taken out to pay for infrastructure around Hudson Yards, including the expansion of the 7 train. The city had originally anticipated spending between just $7.4 and $205 million from start through 2016.

Read more

hudson yards, Major Developments, Midtown West, Policy

NYC planned communities, Hudson Yards, Hudson Yards Master Plan, Kohn Pederson Fox

In November, 2014, we reported that the 26-acre Hudson Yards mega-development had cost the city nearly $650 million in subsidies, coming straight out of the pockets of taxpayers. We also noted that it wasn’t going to stop there; a review by the city’s Independent Budget Office said even more would be needed through 2019 to complete the “next great commercial district.” And now the new figures are in. According to DNAinfo, the city will shell out an additional $368 million through 2019, bringing their total payout for Hudson Yards to more than $947 million.

Find out more here

Policy, real estate trends

7,279 NYC Homes Are Valued at More Than $5 Million

By Dana Schulz, Tue, February 3, 2015

Upper East Side

The Upper East Side, where the most $5 million + homes are located, via CityRealty

If you think that statistic is jaw-dropping, consider this, too–those 7,279 homes valued at more than $5 million amount to a total fair market value of $65.2 billion, according to data from the city’s Independent Budget Office. The Wall Street Journal requested the data to take a closer look at the proposal to impose higher property taxes on pied-à-terre owners, and the findings show that “the city’s most expensive homes would generate less money from a higher tax surcharge than what its advocates have suggested.”

More details here

SIGN UP FOR OUR NEWSLETTERS

Thank you, your sign-up request was successful!
This email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.