The New York City comptroller, Mark Levine, said that poor budgeting practices by the previous mayor, Eric Adams, had left the city with looming deficits.
Mark Levine, who took office as New York City comptroller in January, warned that absent significant financial growth, city programs would need to be scaled back.
Roughly 8,400 businesses closed in the second quarter of 2025, according to the most recent city data, creating the largest net decline in business activity since before the pandemic.
An empty storefront in Lower Manhattan. The drop-off in New York City business activity was most pronounced in major commercial districts, according to the Economic Development Corporation.
Connexion
