New York City Mayor Eric Adams prepared for a slowing economy by cutting vacant positions to balance a $102.7 billion budget for the coming year.
As interest rates rise and companies tighten their belts, white-collar workers have taken the brunt of layoffs and job cuts, breaking with the usual pattern leading into a downturn. WSJ explains why many professionals are getting the pink slip first. Illustration: Adele Morgan
Mr. Adams, a Democrat, said his fiscal plan would find savings without layoffs or further reductions to city services. A preliminary budget released Thursday wouldn’t raise taxes. It assumes property tax receipts—the city’s biggest revenue source—will increase around $600 million in the next fiscal year, which starts in July, and stay around $32 billion in the next four years.
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