The Challenge Facing Eric Adams

The Economist: “Mr. Adams inherits a reeling city. The economic fallout on New York from the September 11th attacks was largely confined to lower Manhattan; the pandemic, by contrast, has shuttered businesses across all five boroughs. New York lost 630,000 jobs in 2020 and has an unemployment rate, 9%, that is more than double the national average. Tourists are staying away. The city has 100,000 fewer restaurant jobs than it did in early 2020, and hotel occupancy rates hover around 50%, compared with 90% before the pandemic.”

“Subway ridership is only just over half its pre-pandemic levels. Only 28% of Manhattan’s office workers are at their desks on any given day, and just 8% come in every day. Midtown is dead. Employment is unlikely to return to pre-pandemic levels until at least 2024.”

“Fortunately, Mr. Adams has a better relationship with the city’s businesses than did his predecessor, though that is a low bar.”