What A Biden Administration Means For New York City
Biden, Harris, Cuomo, de Blasio, and NYC
What a year this past week has been! With all the uncertainty over the past year, we now know that former Vice President Joe Biden will be sworn in as our 46th president on January 20th, 2021. As our city erupted in cheers, block parties, and dance parties, New Yorkers enjoyed the summer-like weather with smiles under their masks.
But beyond this past weekend, what does the changing of the guard mean for New York?
Governor Andrew Cuomo and Mayor Bill de Blasio among other New York leaders hope that a Biden/Harris administration means a much more collaborative relationship with the federal government to meet the city’s infrastructure needs — including the Hudson River rail tunnel project between New York and New Jersey that’s been much needed since Hurricane Sandy caused damage to the current tunnel and its travel capacity. Yesterday, New Jersey governor Phil Murphy reported feeling “highly optimistic” that President-elect Joe Biden will approve funding for the Amtrak tunnel, which will be a boon to the New York City economy and further proof that despite COVID-19, New York City will prevail and continue to be a business epicenter. Some may say there is light at the end of the tunnel!
Another Wave of Federal Aid
In addition to infrastructure needs, New York is hoping to boost federal funds. Governor Cuomo, who also serves as the chair of the National Governors Association, has been banking on a new stimulus package that would provide both state and local governments with billions of dollars to plug their COVID-19 budget holes. Over the weekend, Governor Cuomo remained optimistic that a Biden/Harris administration will deliver state and local aid, even if the Senate remains in Republican hands. With the growing rates of COVID-19 throughout the country, Governor Cuomo believes this is not a red state vs. blue state issue and that every governor will support direct state aid. Aid will be used to fund our government, help the unemployed get back on their feet, bail out small businesses and the MTA, invest in improving our communities with infrastructure projects and better protect us from the threat of COVID-19 and future pathogens.
An Ally Against COVID-19 (and a Win for Science)
COVID-19 isn’t going away just yet, but we did receive the other positive news of a potential vaccine from Pfizer yesterday. As we know, New York went from having one of the highest infection rates to having one of the lowest in a matter of months; while infection rates are on the rise again, having an ally in the White House who believes in science will undoubtedly help New York — and New Yorkers — get back on track and distribute a vaccine to all who need and want it.
We will continue to follow the news and update you on what trends we see and what a new administration means for our city. Please don’t hesitate to respond to this email if you have any questions about what we’re seeing in the market or want to share your specific real estate scenario for our recommendations.