ECONOMIC RESTITUTION
The destruction in lower Manhattan disrupted or eliminated revenue streams that
support the day-to-day functions of the City and the State. Our current analysis
demonstrates that New York State could experience revenue losses of as much as $9
billion over the next 18 months and New York City forecasts a loss of up to $3 billion.
(See attached Analysis of Revenue Loss). Unrestricted Federal aid to the State and
City are essential if government is:
> to maintain the level of vital public services that existed prior to September
11th as required under State and City statutes, while also addressing the
extraordinary needs in the wake of the terrorist attacks.
> avoid tax increases or untenable program cuts which in addition to other
economic impacts would further stress the unemployment insurance
system, actions which would work at cross purposes with Federal Economic
Stimulus Initiatives.
> To manage the consequences of the attack on the financial services
industry, which is by far the most significant industry to the State and the
City in terms of generating taxable incomes for both individuals and
corporations, and is one of the primary engines which drives the national
economy.
While unrestricted financial aid will provide the most direct and flexible assistance
in meeting these challenges, alternative options include increased Federal
financial participation in programs such as Medicaid.
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NYC-WTC 000136774
OCR can misread numbers and units. Confirm readings against the page image before using them.
NYC-WTC_000136774Source: NYC Law Department, mirrored locally
Comprehensive FAQ addressing downtown building access, reopening areas, property manager contact procedures, and building damage status in lower Manhattan.
Description of a $700 million state-funded economic recovery program for businesses affected by the World Trade Center disaster, targeting four categories of eligible businesses.