Bloomberg: New York ‘Is Where You Have To Be’

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The New York Sun

Just off the plane from visits to London and Paris, Mayor Bloomberg yesterday touted New York as a world-class city in which to live and work.

In opening remarks delivered at a conference hosted by the Economist magazine, “The Future of New York City as the World’s Business Hub,” Mr. Bloomberg said the city is experiencing record low unemployment rates, record high construction rates, and a tourist trade on a record pace.

“This is where you have to be, I would argue. This is where my company is staying, that’s how much I believe this,” he said.

He warned, however, that like London, New York depends on a healthy financial services sector. If it slows down, “we are all going to feel some pain,” he said. “I keep warning people here that it’s time to be a little more cautious.”

A report released in January by the consulting firm McKinsey & Co. predicted that New York would lose between 4% and 7% of the global financial market in the next five years unless federal action is taken to relax the regulatory environment and curtail corporate lawsuits.

The mayor received high praise from the American business editor of the Economist, Matthew Bishop. During his introduction of Mr. Bloomberg, the editor said the mayor “is the sort of guy that the Economist would love to have as president.”

“We would love to have you running the country, running the world, maybe,” he said.

Mr. Bloomberg thanked Mr. Bishop for the “endorsement.” The mayor talked at length about his successes in office. He said that while he may have raised spending, he has helped to convert a $5 billion deficit when he entered office into a $5 billion surplus today.

Mr. Bloomberg railed against politicians who seek credit by investing only in services that will be delivered while they are in office.

His administration has put more money than the last five administrations combined into a new water tunnel that is scheduled to open in 2011 or 2012, he said, at least two years after he leaves office.

Mr. Bloomberg noted that Lower Manhattan is flourishing and said that in the past five years the crime rate has dropped 25%, putting the city on track to set a record low murder rate.

He said that since 2002 the number of teachers quitting their jobs or retiring each year has fallen to 5,000 from 12,000.

The mayor said he is trying to tackle the city’s traffic gridlock with a plan borrowed from London to charge drivers to enter certain parts of the city during peak hours, and added that he’d like New York to follow London’s lead and install more security cameras throughout the city.

Police Commissioner Raymond Kelly later said the city needs cameras throughout its subway and bus systems.

“I like the hand that New York has to play, but you should never sell short some of these other cities, particularly great cities like London,” Mr. Bloomberg said. “London is a wonderful second city.”


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