Results tagged “federalreservebank”

According to The Federal Reserve Bank of New York, the 11233 zip code that encompasses Bedford-Stuyvesant and Crown Heights had the highest foreclosure rates for subprime mortgages in the entire nation in October. More than one in four people, or 25.2%, with subprime loans in the zip code lost their homes to foreclosure. That's almost four times the national average of 6.9%.

• Today on the Gothamist Newsmap: A Large Sink Hole at 187th Pl. and Jamaica Ave. in Queens, a Serious Multi-Vehicle Accident on 125th and Lenox Ave. in Manhattan, and Bank Robbery at 178th St. and Hillside Ave. in Queens.
• Podpeople are invading the city! 800 podcasters to descend upon Manhattan for PodCampNYC.
• Queens DA Richard Brown is leading the charge to bring the death penalty back to New York State.

It's not surprising news, but it's a reminder why people don't live in New York City. A report from the Independent Budget Office showed that New York City has the biggest tax burden than eight other big cities. In fact, NYC's tax burden is practically 50% higher than the average of cities like Philadelphia, Los Angeles, San Antonio, Houston, Chicago, Dallas, Phoenix and San Diego. (We don't know where San Francisco, Boston, or Seattle were during this survey.) For every $100, New York City's state and local taxes "absorbed" $9.02, while other cities average $6.16.

Thank you, New York Federal Reserve Bank! Your Urban Dynamic in New York City conference produced a wealth of wonderful papers about our fair city, and thanks to the December issue of your Economic Policy Review magazine, many of them are online! Our favorite was the sexily titled "Geography of Entrepreneurship in the NYC Metrpolitan Area" [PDF here], which contained this wonderful map of factory density in the city-- as well as maps of wholesale and service-job density. Amazing diagrams! Other great papers included "Urban Colossus: Why is New York America's Largest City?" by Edward Glaeser [PDF here], and a fun essay by Kenneth Jackson, "The Promised City" [PDF here.]

Today we stumbled across this interesting article at the Federal Reserve Bank of New York regarding commuting patterns into and out of Manhattan. Turns out that more people are commuting into the city, and people are generally travelling further to get here than they did ten or twenty years ago: