Bloomberg Outlines Recession Plan In Weekly Radio Address
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During his weekly radio address Sunday, Mayor Michael Bloomberg said on top of the federal funding coming this way, the city has an economic stimulus plan of its own.
Bloomberg said as part of the five borough economic recovery plan, the city will provide loans to small businesses and help more New Yorkers keep their homes.
He also mentioned a series of initiatives to foster innovation in new fields by providing startup companies with ready-to-use office space at steep discounts.
"These incubator spaces may well hatch the next great ideas and inventions of the 21st century. The spirit of enterprise and innovation that exists in New York has always been key to the prosperity of our city and our nation. The steps we're taking today will help us tap into that spirit and hold on to the talent we're going to need to ensure New York City's future," said Bloomberg.
The city is also sponsoring some long-term investments into the city's future.
The mayor said the city-funded extension of the 7 train will create construction-related jobs and lay the groundwork for new development in Manhattan's far west side.
He said the project will ultimately create half a million jobs and could produce more than $60 billion in new tax revenues.