Your guide to NYC's public proceedings.

Q&A

Discussion of increasing city lease payments despite shrinking workforce and lower market rents

1:50:42

·

4 min

Video Player is loading.
Current Time 0:00
Duration 0:00
Loaded: 0%
Stream Type LIVE
Remaining Time 0:00
Â
1x
    • Chapters
    • descriptions off, selected
    • captions off, selected

      Council Member Restler questions the 20% increase in city lease payments over the last five years, despite a shrinking workforce, increased remote work, and lower market rents. Commissioner Molina attempts to explain the reasons for this increase.

      • Restler notes that city lease payments have grown from $1.2 billion in FY 2020 to about $1.5 billion in FY 2024
      • Molina explains that many real estate deals take 2-3 years to process, so current increases reflect decisions made in previous administrations
      • Molina also cites the migrant crisis as a factor requiring additional space
      • Restler expresses concern about the decision-making process, particularly regarding the 14 Wall Street lease
      • The discussion ends with Restler reiterating his concerns about ethical issues and calling for a comprehensive review of Deputy Commissioner Hamilton's real estate transactions