Andrew Cuomo mentioned Thursday that as mayor, he’d set up a $1.5 billion capital fund to assist “induce and seduce” new companies to come back to New York Metropolis to spur sluggish personal sector job progress.
The previous governor mentioned he’s particularly thinking about bringing synthetic intelligence corporations to the Large Apple. “It would be a great addition to New York,” he mentioned.
“We’re going to have to induce and seduce business to come and grow and stay, and when you look at those economic numbers, you have to do it quickly, and you have to be very serious about it,” he mentioned.
Cuomo’s job-focused press convention comes after the New York Instances reported that the town skilled the slowest jobs progress within the personal sector outdoors a recession and the pandemic since 2003.
Gov. Andrew Cuomo Speaks at a press convention at Metropolis Workers Union on W. 14th St. in Manhattan on Thursday, Aug. 14, 2025.(Barry Williams/ New York Each day Information)
The ex-governor additionally mentioned he would instigate a 90-day evaluation course of throughout metropolis authorities. He didn’t present many granular particulars about both proposal, nor did he supply any projections as to what number of jobs these measures may create.
He mentioned the capital fund, which might roll out over 5 years, might embody allocating funds to changing underutilized metropolis property, providing startup grants and doing worldwide promoting to corporations world wide.
Cuomo additionally argued the town is headed in the direction of a “nightmare scenario” between gradual job progress, federal instability and authorities finances deficits, taking the chance to jab at Democratic nominee Zohran Mamdani, who he paints as anti-business.
Mamdani has proposed rising taxes on corporations and rich New Yorkers to assist fund his affordability agenda.
“This anti-capitalist rhetoric is very destructive and dangerous, especially at this point in time,” he mentioned.
Initially Printed: August 14, 2025 at 4:51 PM EDT
