Tech:NYC Digest: September 21

Tech:NYC Digest: September 21

September 21, 2023 • Estimated Reading Time: 8 minutes

Thursday, September 21, 2023

In today’s digest, Adams announces new housing proposals, work authorization for some migrant workers, and the state of working moms in the workplace.

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  • 🏙️Earlier today, Mayor Adams announced a major overhaul of New York City’s approach to real estate development that could create 100,000 additional homes over the next 15-years and, hopefully, help ease the city’s housing shortage. (NYT)

    • Why we need it: Zoning restrictions that have long limited the size of buildings and blocked new developments, coupled with the cost of building, have made it impossible to build enough homes to accommodate everyone who wants to live here… Subsequently, driving up the cost of living. 

    • What could stand in the way: The measure will face public review early next year, followed by votes in fall 2024 by the city council and planning commission. In addition, the state legislature, which killed Governor Hochul’s ambitious housing proposals earlier this year, would likely need to pass bills to support the city’s goals, such as new tax incentives.

  • 🧰Last night the Biden administration announced it would allow hundreds of thousands of Venezuelans already in the United States to live and work legally in the country for 18 months. (NYT)

    • Why it matters: The city is currently providing shelter to 60,000 asylum seekers. The city has estimated that providing housing, education and health care for migrants who are legally unable to work could cost $12 billion in the coming years.

    • What it would do: Allowing more of those migrants to begin working, and earning money, could both help ease some of the burden on the system, and generate new tax revenue.

    • One reminder: most billion-dollar startups in the US were founded by immigrants. (Forbes)

In other reading

:

  • The new COVID-19 booster shot is available to the public, and insurance issues are causing confusion. Everyone can access the updated COVID-10 vaccine at CVS at no cost. (Gothamist)

  • The MTA will not boost service when congestion pricing goes into effect, citing public transportation is still recovering from pandemic losses. (Gothamist)

Finally, some good news for working moms: the percentage of new moms who remained in the workforce within one year of giving birth reached a new high, at 66.6 percent.That’s according to new Census data showing that new mothers have remained in the workforce at the highest levels since 2010. 

  • In 2010, only 61.6 percent of new moms had returned to the workforce within a year. 

One possible factor? Remote and flexible work

have made it easier for working moms to manage both the responsibilities of parenting and their careers. 

  • Retaining working mothers in the workforce is crucial to closing the gender pay gap, as leaving the workforce can contribute to lower wages and stagnant career growth over time. 

  • In fact, the gap between men’s and women’s participation in the workforce reached an all-time low this year, at just 10.5 percent - which is good news for female representation in senior leadership positions.  

  • However, even as workplaces become more flexible, it’s unclear whether this trend will persist given the staggering cost of childcare. 

Companies looking to recruit and retain working moms often tout important benefits such as paid parental leave, but offering flexible work options and an accommodating workplace culture is another necessary piece of the puzzle that employers should consider, particularly when building out their RTO plans. 

  • Many tech companies already offer remote and flexible work options, but others, such as Amazon and Meta, recently mandated employees return to the office at least 3 days per week. 

  • There’s evidence that New Yorkers especially are headed back to work: for just the third time since March 2020, New York's in-office occupancy exceeded 50% of pre-pandemic levels last week.

In other reading:

  • The latest (legal) battle in Game of Thrones? George R.R. Martin, the series’ author, recently sued OpenAI for copyright infringement. (The Verge)

  • One thing Washington agrees on: requiring a license for the development of ChatGPT and similar AI tools. (Wired)

  • Authentic, a New York City-based platform that creates insurance companies for individual sellers, raised $5.5 million in seed funding. Slow Ventures led the round and was joined by Altai Ventures, MGV, Upper90, Clocktower, Commerce Ventures, Mischief Ventures, Core Innovation Capital, and others.

  • Vero Technologies, a New York-based financing and loan servicing platform, raised $8.5m in Series A funding. BankTech Ventures led, and was joined by Sopra Steria Ventures, Arcadia Funds, Antler Global, AAF and the Independent Community Bankers Association.

  • Summus, a New York City-based platform that connects medical patients with specialists virtually, raised $19.5 million in funding. Danaher Corporation and Sator Grove Holdings led the round and were joined by others.

  • September 29: In-person: AcceleratorCON 2023, with The Muse founder Kathryn Minshew, Remarkable Ventures managing partner Murat Aktihanoglu, Founders Village CEO Yasmeen Butt, and others. Use code “AC23013%” for 30% off tickets by registering here.

  • October 4: In-person: How to Go From $1M ARR to $10M, with Help Scout chief revenue officer Andrea Kayal and Innovatemap principal product marketer and brand strategist Meghan Pfeifer. Hosted by Innovatemap. Register here.

  • October 11: In-person: 2023 Tech Summit, featuring CLEAR CEO Caryn Seidman Becker, Esusu Co-CEO Wemimo Abbey, US Senator Kirsten Gillibrand, and others. Hosted by Tech:NYC and Crain’s New York Business. Register here.

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