The gap between the city's 1% and the rest of New Yorkers is more than double the national average, according to a new report released Monday.
City Comptroller John Liu's office found that the wealthiest residents account for about a third of the city's income. Nationally, that same income bracket represents only about 17% of the nation's income, Liu's report found.
"Income inequality can weaken or destabilize the local tax base [and] reinforce patterns of racial and economic segregation," Liu said in a statement.
Mayor Mike Bloomberg dismissed Liu's findings at a news conference, noting that those wealthy New Yorkers contribute to half the city's annual revenue.
Sarra Sounds Off, Season 3, Ep 2: Garden City vs. Massapequa, fantasy update and plays of the week Gregg Sarra sounds off on the hype of the Garden City vs. Massapequa matchup, plus Tess Ferguson at Floyd girls tennis with the Van Cott twins, the plays of the week and a high school fantasy football update on the latest epsiode of Sarra Sounds Off.
Sarra Sounds Off, Season 3, Ep 2: Garden City vs. Massapequa, fantasy update and plays of the week Gregg Sarra sounds off on the hype of the Garden City vs. Massapequa matchup, plus Tess Ferguson at Floyd girls tennis with the Van Cott twins, the plays of the week and a high school fantasy football update on the latest epsiode of Sarra Sounds Off.
