Earlier today, Governor Kathy Hochul chaired the annual meeting of the New York State Financial Control Board in New York City. The meeting marked the 50th anniversary of the board, which oversees the financial health of New York City.
Governor Hochul opened the session by acknowledging several key officials in attendance, including Mayor Eric Adams, State Comptroller Tom DiNapoli, City Comptroller Brad Lander, and members of the Financial Control Board staff and private members Dean Fuleihan, Marjorie Henning, and William Thompson, Jr.
In her remarks, Governor Hochul highlighted the city’s current financial stability. She stated: “It’s a privilege to open up this meeting on our 50th anniversary — for half a century this board has played an integral role in ensuring that we safeguard our financial health of this great city. And I’m proud to say, by every measure, the health of the city is strong. And the City is paying its bills, not running an operating deficit, and the City budget has been passed. None of the five statutory triggers for a controlled period have been met, and this is a testament to discipline, fiscal management and our shared commitment to keeping New York City on solid ground.”
Hochul emphasized that fiscal health extends beyond numbers to include public confidence in living and investing in New York City. She said: “But dollar amounts don’t tell the entire story. Fiscal health is also about public confidence. Whether people want to live here, work here, invest here. And that’s why working together my administration has also made this a top priority, working hand in hand with our city partners…”
The governor noted improvements in public safety and reductions in crime since she took office. She also addressed efforts to boost housing affordability as essential for long-term stability. “Tourists are returning and record numbers,” she said. “And because affordability is central to the City’s long term stability, we’ve taken bold action together to address housing costs.” Hochul pointed out state support for Mayor Adams’ “City of YES” initiative with $1 billion in funding expected to help create more than 80,000 new housing units.
Additionally, she referenced legislative actions such as extending 421-A tax incentives—unlocking over 71,000 housing units—and introducing new property tax incentives aimed at encouraging further development of affordable rentals and homeownership opportunities.
Hochul acknowledged challenges from federal funding cuts affecting both city and state budgets but affirmed ongoing efforts at careful planning: “We can’t promise the same level of State aid if Washington pulls funding out from under us,” she said. “But we can be clear-eyed about the risks, plan for the future, and work together.”
She concluded by calling attention to progress made not only in stabilizing finances but also restoring public safety and building more housing.
During procedural matters at today’s meeting agenda—which included approval of minutes from August 15th last year—Governor Hochul announced that designated observers representing state legislative leaders were present before inviting Mayor Adams to present New York City’s four-year financial plan covering fiscal years 2026 through 2029.
