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 NY; Strong Economy for All Coalition; ALIGN NY; New York Communities for Change; Make the Road NY; Alliance for Quality Education; Coalition for Educational Justice; Walmart Free New York; Coalition for the Homeless; Food and Water Watch; NY Citizen Action; Met Council on Housing; Community Voices Heard; United Federation of Teachers; Professional Staff Congress; Retail, Wholesale and Department Store Union (UFCW); Communication Workers of America Transport Workers Union Local 100; New York State Nurses Association; Service Employees International Union 1199 – United Healthcare Workers East; Service Employees International Union 32BJ; Alternative Banking; Not An Alternative; Beautiful Trouble; 99 Pickets; MoveOn NY; and others.

Key findings:

• The city and associated entities pay $160 million a year for bad deals with banks.
• The city, its pension funds, and the Metropolitan Transportation Authority pay $563 million in base Wall Street fees each year.
• New York City and State give banks subsidies worth about $300 million a year, without ensuring that New York City communities will benefit.
• Because their wages are so low, 39% of bank tellers and their family members rely on at least one public assistance program, at a total government cost of $112 million.
• During the past 5 years, foreclosures have cost New York City $1.9 billion in expenses and lost revenue.

Key recommendations:

• Renegotiate toxic financial deals to save up to $725 million each year.
  -Use the city’s economic and financial leverage to lower fees and interest rates for new and existing financial services.
  -Investigate unethical behavior by Wall Street and prosecute fraud to the fullest extent of the law to recover losses. 
  -If Wall Street won’t negotiate in good faith, bring these functions into the city by creating an in-house financial management team and/or a publicly owned city bank. 
• Save money and create jobs by holding banks to firm commitments to the community in return for $300 million each year in city subsidies for banks.
• Write down underwater mortgages to keep 86,000 families in their homes and stimulate the local economy by as much as $1 billion.

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.