As I conclude my four-year tenure as Chair of the New York City Council’s Committee on Economic Development, I am deeply proud of the work we’ve done — not merely in passing legislation or holding hearings, but in strengthening the economic foundations of New York City for all our residents.
When I took the helm of this committee, our city was still navigating the profound aftershocks of a global pandemic. Businesses were shuttered, workers were displaced, and New Yorkers were wondering what recovery would look like. Today, thanks to focused collaboration between the Council, the Mayor’s Office, NYCEDC, NYC Tourism + Conventions, labor partners, and community leaders, we can point to measurable progress and real opportunity for the future.
The NYCEDC’s 2025 State of the New York City Economy report underscores the resilience of our city’s economy and the importance of collaborative leadership. The report highlights New York City’s strong labor market, robust private sector activity, and continued attractiveness to new talent, even in the face of national economic uncertainty. It shows a labor market that has reached record-high employment levels, a vibrant office leasing environment, and significant investment in emerging sectors like tech, life sciences, and the green economy – all of which speak to the city’s continued global competitiveness.
These gains are not abstract data points; they represent new jobs created, new businesses launched, increased tourism dollars spent in local storefronts, and opportunities for neighborhoods across all five boroughs to thrive.
Legislative Wins Grounded in Community Impact
During my tenure, we passed key legislation that reflects both immediate needs and long-term strategic goals:
1. Industrial Development Strategic Planning: A local law requiring a comprehensive industrial development strategic plan to ensure NYC remains home to good-paying jobs and critical supply chains.
2. Equitable Ferry Access: Legislation to expand contracted ferry service with reduced fares for qualifying riders, prioritizing transit equity for communities often underserved by traditional transportation options.
3. Community-Focused Economic Reporting: Laws requiring enhanced reporting by contracted entities on community hiring and community benefits in economic development projects – increasing transparency and accountability.
4. Vacant Space Activation: Initiatives to study opportunities for NYC Housing Authority commercial spaces to be temporarily used by resident-owned businesses, fostering entrepreneurship in neighborhoods that need it most.
5. Quality-of-Life Protections: Local laws to reduce helicopter noise and require community traffic mitigation at cruise terminals, balancing economic activity with neighborhood livability.
These laws reflect a simple principle — economic development must work for the everyday New Yorker, not just Wall Street or out-of-state investors.
Passing laws is only part of the job; ensuring they are implemented effectively and equitably is another.
Over the past four years, the Committee held oversight hearings on a wide array of issues that shape our economic landscape, including:
- The economic impact of tourism and its effect on small businesses.
- Film and creative industries as engines of job growth.
- Workforce development, especially at CUNY, to connect New Yorkers with quality jobs.
- The ongoing evolution of ferry systems, waterfront and industrial planning, and food infrastructure.
- Transparency in regulatory processes at major economic hubs like JFK Airport.
- Access to fresh produce, small business regulatory challenges and gender diversity in the trades.
These hearings brought experts, advocates, and everyday New Yorkers into City Hall to be heard – and they helped shape policy for the better.
Collaboration has been key. Working with NYCEDC, we’ve seen strategic public-private partnerships drive billions in private investment while creating jobs and revitalizing neighborhoods. Their annual incentives report shows the power of leveraging smart tax incentives to create inclusive economic growth across sectors and boroughs.
Similarly, strengthened ties with NYC Tourism + Conventions have helped sustain one of the city’s most critical industries. In recent years, tourism has rebounded dramatically, providing significant spending and supporting hundreds of thousands of hospitality jobs – a testament to NYC’s enduring global allure and the work we’ve done to support this sector as Chair.
Looking Ahead
Of course, challenges remain. The cost of living here continues to strain many families, economic disparities persist across communities, and national trends like slowing job growth – reflected even in NYC’s own economic data – remind us that we must remain vigilant and innovative.
But as I reflect on the past four years, I am confident in the city we leave behind: a city with a stronger jobs market, more diverse economic sectors, clearer pathways for community-driven development and a Council committed to accountability and equity.
To my colleagues, partners and the countless New Yorkers who shared their voices and ideas – thank you. It has been the honor of my public service life to work alongside you for my first term in the City Council.
Here’s to the next chapter of growth, resilience, and shared prosperity for every New Yorker.
Amanda Farías is the NYC Council Majority Leader and Chair of the Committee on Economic Development. For more coverage, subscribe to our newsletter and follow us on Twitter, Facebook and Instagram!
