About 326,000 people are employed in the cultural and creative sector in New York, but many are being drawn to other United States cities like Miami, Dallas and Nashville.
A key factor, the report noted, is that creatives in New York make around 23% less than the national average when accounting for the cost of living. That number was 15% less a decade ago.
That has come as inflation across the US has remained stubbornly high post-pandemic, and New York in particular has seen rents rise on high demand, supply shortages and other factors.
Salaries for those in the arts have just not kept up.
According to the report, median household rent in New York rose 42% in the last decade, with creative salaries rising just 25% - well below the citywide average gain of 44%.
‘Lack of work’
Speaking to a city committee on cultural affairs in February, Jacoboni complained about a “lack of work due to the rising cost of production in the city”.
“We’re losing talented individuals in our city,” she said.
Since 2020, the number of cinema and TV workers has declined by 19.1%, according to the Centre for an Urban Future report.
A similar trend was seen in advertising, down 15.7%, and design, which dropped 14.3%.
New York has seen more than 50 theatres, music clubs, museums and galleries close since 2020, the report said, citing the rising cost of rent, salaries and insurance.
Even major players in New York’s cultural scene are impacted.
Just four Broadway musicals launched in the past six years have turned a profit, while key institutions like the Met Opera and the Guggenheim Museum have announced layoffs in recent months.
‘Creative capital’
Mamdani has signalled that he is working to address affordability issues for creatives.
His media and entertainment head, Rafael Espinal, said in January he wants to “keep New York the creative capital of the world”.
“Not just a place where great work gets made, but a place where the people who make that work can actually live in,” he said.
Espinal, who led the Freelancers Union for independent workers, said he wants to “secure and expand good-paying union jobs” and ensure training for under-represented communities.
Another initiative supported by Julie Menin, the speaker of the New York City Council, envisions reserving more rent-controlled housing for artists.
The Centre for an Urban Future has also proposed creating a major cultural festival across the city’s five boroughs to revitalise the arts sector.
-Agence France-Presse