PROTECTING THE MIDDLE CLASS

We all know that the road to the middle class in New York is becoming increasingly difficult because of our affordability crisis—owning or renting a home in New York is unattainable for far too many working families. If we allow the middle class to be squeezed out entirely, we will jeopardize our future success and global competitiveness. The demand for goods and services from a robust middle class, and the millions of jobs created by small business owners, are the bedrock of our prosperity, and we must work together in a cooperative and balanced fashion to address this very serious problem.

[Last week], I unveiled a three-pronged proposal to strengthen the middle class in New York City, by undertaking an ambitious and long-term rethink of our strategy in three key areas: development, economic growth, and retirement security:

• Too many development decisions in the city have been made in a shortsighted or uncoordinated manner, and too many good development ideas have languished or been stopped entirely by red tape and unnecessary hold-ups. In my speech yesterday, I called for the designation of a city Master Planner and new Borough Development plans to set long-term development goals, expand transportation options, and ensure that projects balance the needs of communities and businesses alike. A more coordinated and purposeful approach will help to ensure expanded access to affordable housing and open spaces, expedite high-value projects, and more effectively target blighted areas in our boroughs that are in need of redevelopment, including our neglected public housing.

• Widespread economic opportunity and a thriving small business sector are the gateway to the middle class for millions of New Yorkers. I announced a plan to help small businesses grow by uniting workforce training with their needs and helping them to scale up through technical assistance programs. I also called for more substantial investments in local small businesses by our city’s pension funds, which can help to drive economic growth and revitalization, especially in our city’s most economically depressed areas.

• Too many working families lack access to a retirement plan, and the growing economic insecurity among older New Yorkers is a serious threat to our economy and social fabric. I proposed that the city undertake the creation of a centrally-pooled retirement fund available to any worker who lacks access to a pension by 2030. By investing in such a fund, private-sector workers will be better able to retire in place, remain self-sufficient, and continue to drive long-term economic growth in their neighborhoods.

You can read more on my plan by going here. As always, I welcome your input and suggestions on how best to protect our working families and create opportunity for all New Yorkers. This is an important discussion, and it will take cooperation among all of us to succeed. If we can work together and focus on long-term solutions, I’m confident that we can ensure sustainable growth, a sustainable middle class, and a sustainable future for us all.