The value of the New York state pension fund rose to a record $160.4 billion in year ending March 31, recovering after the financial crisis wiped out almost one-third of its assets, Comptroller Thomas DiNapoli said.
New York state relies on gimmicks and nonrecurring revenue to pay for rising pension costs and the most-generous Medicaid benefits in the U.S., said a group led by former Federal Reserve Chairman Paul Volcker and former Lieutenant Governor Richard Ravitch.
The U.S. said a New York State lawsuit seeking fuller review of the effects of hydraulic fracturing on the state’s water supply should be dismissed because the multistate commission responsible for the watershed isn’t a U.S. agency.
The criminal investigation of Goldman Sachs Group Inc. by the Manhattan District Attorney’s Office has at its disposal a 90-year-old New York law that makes it easier for state prosecutors to bring charges than their federal counterparts.
In New York, 69 percent of the population rents and the remaining 31 percent are homeowners. And in the past year the New York real estate market has seen an 3.4 percent increase in value, with a median sales price of $565,300, according to Zillow.