Related Issues: Economy

Number of hotels in Lower Manhattan triples
NYHTC, September 14, 2011 - The Alliance for Downtown New York has released a report on the condition of Lower Manhattan ten years after its devastation on September 11, 2001. It concludes that Lower Manhattan has made a stunning recovery, one remarkable in terms of both growth and momentum. [more...]

NYC retains #1 ranking as world’s foremost economic center
NYHTC, June 12, 2011 - Despite shifting economies, the Partnership for New York City and PricewaterhouseCoopers have ranked New York City the economic capital of the world for the fourth of the four years they have collaborated on this joint study. [more...]

U.S. working class hit hardest by falling wages, unemployment
NYHTC, February 15, 2011 - Recent articles in the Wall Street Journal and the New York Times discuss the falling wages and increasing unemployment that continue to plague the American workforce even as some sections of the economy and other nations' economies recover from the recent recession.  Workers are still suffering from the economic implosion despite the fact that corporate profits "have more than recovered, rising 12% since late 2007." The main cause of this "jobless recovery" is the basic structure of the American economy – one where employers function with few restraints.   [more...]

U.S. corporate tax laws full of loopholes
NYHTC, February 15, 2011 - While the federal corporate tax rate is 35 percent, there are so many loopholes in the tax laws that many corporations pay far less than their fair share in taxes. Despite the obvious need to make corporations pay a reasonable tax rate, political leaders do not have the courage to try to make them do this. [more...]

NYC tourism reaches new high in 2010
NYHTC, January 18, 2011 - According to reports in the New York Times, Crain's New York, and, a record 48.7 million people visited New York City this past year, with the result that 2010 was also a record-breaking year for the number of hotel rooms sold. The continued flow of tourists into the city boosted the state's economy by $31 billion and also increased the number of those employed in the hospitality industry to its largest number ever. [more...]

Immigrants seen playing a larger role in city’s economy
Crain's NY Business, January 12, 2010 - Immigrants accounted for $215 billion in economic activity in the five boroughs in 2008 - nearly one-third of the gross city product, according to a report released Wednesday by state Comptroller Thomas DiNapoli. [more...]

Hotel project in downtown Brooklyn gets stimulus money
NYHTC, November 30, 2009 - A 117-room hotel on the corner of Tillary and Flatbush in downtown Brooklyn is one of five development projects city officials have selected to receive stimulus money. [more...]

Ritz-Carlton New York popular with fans celebrating Yankees win
Crain's NY Business, November 4, 2009 - With the Yankees World Series victory parade running through downtown Manhattan, the Ritz-Carlton New York near Battery Park saw nearly 100 percent occupancy on the days surrounding the celebration. [more...]

Marathoners boost NYC hotel occupancy rates
NY Times, October 29, 2009 - Marathoners running in the New York City marathon pushed occupancy rates to above 90 percent in a good many Manhattan hotels this fall, and even gave rates in other boroughs and New Jersey a lift. [more...]

New leader of AFL-CIO hammers Wall Street
NY Times & Wall Street Journal, September 21, 2009 - In one of his first acts as the new head of the AFL-CIO, Richard Trumka issued broad warnings to Wall Street's "apostles of greed" that the labor movement was prepared to battle them if they did not change their ways. [more...]

Largest hotel outside of Manhattan planned for Queens
The Real Deal, August 27, 2009 - A Japanese-based hotel company is planning to build a 699-unit hotel in Long Island City. [more...]

Rainbow Room seeks new operator
The New York Observer, August 17, 2009 - The Rainbow Room has been on the hunt for a new operator since the Cipriani family closed the restaurant July 31. [more...]

High cost of living makes New Yorkers poorer
City Journal, August 5, 2009 - Wages in New York City don't stretch nearly as far as they would in another city, according to a recent report. [more...]

Unions are good for business
Business Week, June 22, 2009 - With a depressed economy and widespread anti-union hostilities from businesses, organized labor could be an unexpected part of the solution the country's economical woes. [more...]

New website to promote luxury travel destinations, including NYC
NY Times, June 20, 2009 - A new website encouraging travel among affluent consumers has launched despite the grim economy. [more...]

Hotel companies expand during recession, look to future
Dow Jones Newswire, May 26, 2009 - Taking advantage of the struggling real estate and hotel markets, stable hotel chains are buying up distressed properties across the country. [more...]

NY labor department eyes food-service pay
Crain's NY Business, May 11, 2009 - Minimum wage regulations for tipped employees working in New York State are being reevaluated in the wake of the national minimum wage increase set to happen in July. [more...]

Carlyle Hotel quits attempt to amend labor contract
NYHTC, April 14, 2009 - Management at the Carlyle Hotel has backed down from an attempt to avoid paying the 3.5% July wage increase. Twenty-one other hotels are still seeking to avoid paying the upcoming wage increase, but the hotel workers' union has the right to subpoena a hotel's financial records and will fight all efforts to cut wages. [more...]

Hotel union demands financial books of hotels seeking to cut worker pay
NYHTC, April 10, 2009 - After ten years of record profits and unprecedented occupancy rates, twenty hotels are seeking to cut wages and concessions from union members in New York City. [more...]

Deal to cut costs is close for builders and unions
NY Times, March 30, 2009 - Construction unions and developers have been in negotiations that could enable a few Manhattan projects to continue construction, which would, in turn, employee more building tradesmen. [more...]