For decades economic development has relied on tax breaks and subsidies for the largest corporations, a trickle-down approach that too often falls short.
@NYCMayor and
@NYCEDC are charting a new path.
In the first deal of its kind in NYC history, the public is investing $30 million in a quantum lab - in exchange for three board seats and 15% of the revenue generated from technology it creates.
And if any firm coming out of the lab merges, gets acquired, or IPOs, the city gets a payout.
When public dollars are invested, the public should share in the wealth and innovation those investments create.
nytimes.com/2026/10/14/nyreg…