New York official warns AI could cost city thousands of jobs
Levine said AI could cut thousands of jobs and billions in tax revenue, and he wants reserves raised to 16% of annual tax revenue.
- On Thursday, New York City Comptroller Mark Levine released a report warning that artificial intelligence could trigger an economic downturn, urging lawmakers to increase the city's rainy-day fund to 16% of annual tax revenues.
- The comptroller's office assigns a combined 50% probability to three negative scenarios where the AI investment boom fizzles, jobs are displaced, or labor markets cannot absorb rapid change, amid NYC's unique vulnerability with roughly one million office workers at risk.
- Current reserves are projected to hold $7.2 billion at fiscal year 2026's end, well below the $13.5 billion target the comptroller's office says would be needed to offset a typical recession.
- Economic uncertainty is already affecting young New Yorkers, with unemployment for college-educated young adults reaching 7.3% over the last 12 months, slightly surpassing the 7.1% rate for their non-college-educated peers.
- Levine described the current period as "uncharted territory," citing a three-to-five-year timeline for AI to reshape the city's economy and urging lawmakers to act decisively to shore up fiscal reserves before disruption accelerates.
22 Articles
22 Articles
New York official warns AI could cost city thousands of jobs
A New York City official warned this week that those working in the Big Apple could face the brunt of the negative impacts of artificial intelligence, possibly costing the city thousands of jobs. Comptroller Mark Levine laid out scenarios the city will face tied to future impacts of AI on the economy and job market…
AI could lead to thousands of job losses in NYC, report finds
NEW YORK (PIX11) – New York City could be on track to lose thousands of jobs over the course of a few years – all thanks to artificial intelligence (AI), according to a report issued by the New York City comptroller. “There is no city in America—and perhaps none on earth—more exposed to both the [...]
City officials warn that artificial intelligence could potentially eliminate thousands of jobs in New York City
According to a report from ABC News, New York City Comptroller Mark Levine issued a stark warning on Thursday that artificial intelligence could eliminate thousands of jobs in the nation’s financial capital as early as this year, even as the technology drives profound economic shifts. In the detailed analysis, Levine described AI as promising a […]
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