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In a year of restrictions, virus changes Sept. 11, too

In a year when the coronavirus pandemic has reshaped countless American rituals, even the commemoration of 9/11 could not escape unchanged. The 19th anniversary of the terror attacks will be marked by dueling ceremonies at the Sept. 11 memorial plaza and a corner near the World Trade Center, reflecting a divide over the memorial’s decision to suspend a cherished tradition of relatives reading victims’ names in person. Vice President Mike Pence is expected at both those remembrances in New York, and Democratic presidential nominee Joe Biden at the observance on the memorial plaza. President Donald Trump and Biden both plan to go

CEOs explain why they signed letter blasting de Blasio

After sending Mayor Bill de Blasio a scathing letter warning about the decline in quality of life in the city, New York’s top business leaders on Friday elaborated on their frustration with how he… To view the full story, click the title link.

Trump’s pre-election goal for a vaccine has states on edge

State health officials pushed back on the Trump administration’s suggestion that a Covid-19 vaccine could be cleared for use before clinical trials are complete. Days after the federal government told states to prepare for distributing a vaccine as early as Nov. 1, the group representing state public-health leaders said any vaccine approval must be insulated from political motives and must be driven by science. “We want the safety and efficacy to be demonstrated,” Rachel Levine, president of the Association of

Cuomo delays property tax lien sale

Gov. Andrew Cuomo issued an executive order halting Friday’s property tax lien sale until October 3 after housing advocates demanded a delay from the city. Mayor Bill de Blasio had indicated that… To view the full story, click the title link.

Museums get green-light to reopen, but gyms remain shut

New York City museums and aquariums, as well as bowling alleys across the state, are getting the green light to open again, while the state will soon release guidance for indoor gyms to reopen one day. Gov. Andrew Cuomo told reporters in a Friday conference call that low-risk, indoor cultural activities — including museums — can open in New York City starting Aug. 24.

Trump probe not limited to Daniels payment, Manhattan DA says

Manhattan District Attorney Cyrus Vance Jr. made his clearest statement yet that a grand jury probe into Donald Trump goes beyond investigating 2016 payments to porn star Stormy Daniels. Vance on… To view the full story, click the title link.

Are New York’s real estate agents perpetuating inequality?

A new book argues that the stratification in quality of life between New York’s rich and poor neighborhoods is at least partially the result of real estate agents.  “Agents’ work in shaping buyers’ choices leads to upselling,” writes author Max Besbris, referring to the phenomenon of homebuyers starting with a predetermined budget and then spending beyond it. “Repeated in aggregate, these practices create positive feedback loops that drive up prices in more expensive neighborhoods.” Those high prices, Besbris concludes, lead to a cascade of investments in wealthy neighborhoods’ infrastructure, often at the expense of poorer neighborhoods that haven’t experienced housing booms. “It costs more to live in certain neighborhoods,” he writes, “and their …

Tech companies offer money to trick out your home office

Tech companies that have long competed for talent by offering tricked-out offices and unlimited vacation days are adding a new perk: money for the home office. Facebook yesterday became the latest… To view the full story, click the title link.

Change in unemployment brings new stresses for state system

New York’s unemployment system might soon face its toughest test yet, months after Gov. Andrew Cuomo acknowledged the technology for processing claims collapsed.   The state has worked to clear a great deal of its claims backlog, observers told Crain’s, but many New Yorkers are still waiting for their benefits. The $600 extra federal payment that has boosted the weekly unemployment checks of nearly 3 million New Yorkers since March expired today—yanking nearly $1 billion total in income from New York. In its place, Republicans in Congress are supporting a bill that would replace the weekly bonus with one equal to about two-thirds of a workers’ prior wages.   For labor systems already stressed by historic levels of claims across all 50 states,

Old Homestead takes outdoor dining to a whole another level

It remained open through two World Wars, the Spanish Flu, the Great Depression and Superstorm Sandy, but the Covid-19 pandemic proved too much for the Old Homestead Steakhouse to swallow. It shut its… To view the full story, click the title link.

State may loosen strictest-in-the-nation crypto rules

New York may soon loosen up some of its virtual currency laws, which were approved five years ago as some of the first and toughest regulations on the young industry.  The state Department of Finance is seeking comments on a proposal that would allow companies temporary access to a BitLicense, which gives the right to buy, sell and trade digital currencies in New York. Under the new rules, new firms would be able to partner with an already licensed institution to work in the state for at least two years, during which time they could apply for a full license.

MTA doomsday scenario raises specter of 'the bad old days'

A recent budget report forecasting the elimination of entire subway lines has raised the specter of a transportation nightmare for New York City and a return to the “bad old days.” “The worst-case… To view the full story, click the title link.

Brooklyn Hospital, Spectrum ink deals at Fulton Mall

Amid the pandemic’s economic toll on retail landlords around the city, Downtown Brooklyn’s Fulton Mall is gaining two new tenants. The Brooklyn Hospital Center and Spectrum Cable have both inked long-term leases at Raymond M. Chera’s 523 Fulton St. building in Fulton Mall, the landlord announced Thursday. The hospital is leasing 51,226 square feet in the 114,000-square-foot three-story building, including 11,400 square feet in the basement. The space will be for administrative offices, and the asking rent was $55 per square foot. Spectrum’s lease for 3,900 square feet of retail space on the ground floor will enable the cable company to open a new store. Representatives for Chera’s firm declined to comment…

How economists missed record gains in employment

How did economists bungle this one so badly? The monthly by employers during the month, compared with a median projection for a loss of 7.5 million jobs. Of the 78 economists surveyed by Bloomberg, the most optimistic forecast called for an 800,000 decline. Their estimates also expected the unemployment rate to approach 20%––the highest since the Great Depression in the 1930s––when in fact it declined to 13.3%&…; Playing a huge role in economists’ forecasts were floods of applications for jobless insurance and tens of millions of Americans still on benefit rolls––the extent of which the nation has never experienced in…