NYS Pension Fund Valued at $192 Billion

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New York State Comptroller Thomas DiNapoli announced that the New York State Common Retirement Fund earned an estimated 11.42% return on investments in the state fiscal year that ended on March 31, 2017. The Fund has an estimated value of $192 billion. The fund earned its best annual return since 2014 when it had a …

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New Law Protects NY Freelancers

NEW YORK —Mayor Bill de Blasio has introduced the Freelance Isn’t Free Act, the first law of its kind in the country, which is now in effect. The Law gives freelance workers the legal right to written contracts, timely payment, and freedom from retaliation. Under the Law, freelance workers can now file a complaint with …

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NY to Build Esplanade on East Side Waterfront

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NEW YORK—Mayor Bill de Blasio has announced a major investment in closing the largest gap in the Manhattan Waterfront Greenway, and an administration-wide push underway to complete the vision of a contiguous 32-mile waterfront pedestrian promenade and bicycling path around the whole of Manhattan. In his budget announced today, the Mayor will dedicate $100 million …

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City Acquires Land for Bushwick Park

NEW YORK—Mayor Bill de Blasio announced that the City has closed on the acquisition of the CitiStorage site, which is a major step forward in completing Bushwick Inlet Park in Brooklyn. In December, the City announced that it would acquire the $160-million, 11-acre parcel of land, allowing for the completion of the 27-acre park. The …

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FDNY Launches Drone for First Time

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On Monday, the NYC Fire Department (FDNY) launched its first ever tethered drone to respond to a fire in a 6-story building on Crotona Park North in the Bronx. The $85,000 FDNY tethered drone weighs 8 pounds and incorporates both a high-definition camera and infrared camera. These capabilities allow the drone to transmit live images …

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Mayor Creates Manufacturing Campus in Brooklyn

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BROOKLYN — Mayor Bill de Blasio joined leaders from New York City’s fashion, film and television industries to announce the City’s $136 million commitment in a ‘Made in New York’ Campus at Bush Terminal. The underutilized Sunset Park buildings will be transformed into a hub for garment manufacturing and film and television production, and support …

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NY AG Sues Charter Over Slow Internet Speed

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NEW YORK – NY Attorney General Eric Schneiderman has filed a lawsuit against Charter Communications Inc. (“Charter”) and its subsidiary Spectrum Management Holdings, LLC, (f/k/a Time Warner Cable, Inc.,) (together, “Spectrum-TWC”) for allegedly conducting a deliberate scheme to defraud and mislead New Yorkers by promising internet service that they knew they could not deliver. Spectrum-Time Warner …

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Mayor Inks Agreement With Police Union

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NEW YORK— Mayor Bill de Blasio and Patrolmen’s Benevolent Association (PBA) President Patrick Lynch announced a tentative contract agreement covering 23,810 employees of the NY Police Department. With this settlement, the City has secured deals with each of its uniformed unions through the 2010-2017 round of bargaining. This is only the second voluntary settlement reached …

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Trump Nominates Jay Clayton to Head SEC

NEW YORK — President-elect Donald Trump has nominated Jay Clayton Chairman of the Securities and Exchange Commission (SEC) and said he wants to get rid of many regulations that affect businesses. Clayton is currently a partner with NY law firm Sullivan & Cromwell  and brings decades of experience helping companies navigate complex federal regulations to …

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Minimum Wage in NYC Increases to $11

Workers in New York City will see the minimum wage increase to $11 today as part of a plan by Governor Andrew Cuomo to increase wages for 2.1 million New Yorkers.. The campaign marks the first benchmark of the phase-in schedule for the minimum wage increase, which will ultimately reach $15 an hour and impact …

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