While Wall Street has bounced back from the financial crisis, recording huge profits, most New Yorkers are still reeling from the destruction caused by these banks. In New York City, the top 1% of households takes home 40% of all household income.
The good news is that New Yorkers are demanding action — and there’s a clear path to real, practical alternatives that can make New York fairer, more livable, and more prosperous.
Today the Center for Popular Democracy and the New Day New York Coalition will release: One New York for All of Us: Leveraging New York’s Financial Power to Combat Inequity. In this groundbreaking report, we argue that with over $350 billion traveling through the financial system, the City can and should renegotiate its deals with Wall Street and save up to $725 million each year. New York City should be serving the public interest, not the big banks.
The New Day New York Coalition includes United NYStrong Economy for All CoalitionALIGN NYNew York Communities for ChangeMake the Road NYAlliance for Quality EducationCoalition for Educational JusticeWalmart Free New YorkCoalition for the HomelessFood and Water WatchNY Citizen ActionMet Council on HousingCommunity Voices HeardUnited Federation of TeachersProfessional Staff CongressRetail, Wholesale and Department Store Union (UFCW)Communication Workers of America Transport Workers Union Local 100New York State Nurses AssociationService Employees International Union 1199 – United Healthcare Workers EastService Employees International Union 32BJAlternative BankingNot An AlternativeBeautiful Trouble99 PicketsMoveOn NY
Key findings:
Key recommendations:
The report is part of a week of action that is calling for an end to the special deals for Wall Street and a commitment to building a city that works for all of us. Take action by signing a petition that tells NYC to end toxic Wall Street deals, forwarding this blog post to a friend, or standing with us during the week of action. It’s time to demand a city that works for #AllofUs.