Wednesday, September 30, 2026, 1 p.m. (New York City time), 250 Broadway - 8th Floor - Hearing Room 1
Committee: Committee on Economic Development
The Committee on Economic Development, chaired by Council Member Virginia Maloney, held a joint oversight hearing with the Committee on Small Business, chaired by Council Member Shanel Thomas-Henry, assessing the economic impact of the 2026 FIFA World Cup, and heard Resolution 655, which calls on FIFA to provide New York City the $1 million legacy contribution promised for hosting. Administration witnesses, including World Cup Czar Maya Honda, NYC Tourism + Conventions and the Economic Development Corporation, reported an estimated $2 billion in economic activity in New York City (about $1.2 billion direct spending), 12,000 jobs supported and $3.5 billion regionally, while saying total City costs and City tax revenue were still being evaluated. Members questioned the methodology, the roughly $90 million City investment against Council Finance and Comptroller tax revenue estimates, how much reached independent small businesses and NYCHA residents, uneven participation by borough (including 28 Staten Island businesses in the $26 special program), permitting obstacles, and planning for the 2028 Olympic soccer matches in Queens. Host committee head Alex Lazarus said most funds went to free fan festivals, the committee spent more than $10 million with New York City businesses, and it received $1 million from FIFA for legacy mini-pitches; hotel, chamber, BID and hotel association representatives also testified, and no vote was taken.
0:29 Room one. Hello there. Good
0:29 afternoon. Welcome to today's
0:32 New York City Council hearing
0:33 for the committee on economic
0:35 development and small busines
0:39 . At this time, please silence
0:40 all phones. If you wish to
0:41 speak in two days. Please fill
0:43 out on a parent's car with one
0:45 of the sergeants moving
0:46 forward no one
0:47 . Is to approach the days
0:48 chair, you begin, all right.
0:55 Good afternoon and welcome to
0:56 this joint hearing of the New
0:58 York City Council's committee
0:59 on economic developmentn I the
1:01 committee on small business
1:03 today is Wednesday, septembe
1:05 r30 my name is Virginia Maloney
1:07 and I have the privilege of
1:08 serving as chair of the
1:09 committee on economic
1:10 development, and I am so
1:11 pleased to be joined by my co
1:13 chair councilmember chanel,
1:17 Thomas Henry, who chairs the
1:17 committee on small busines
1:21 sand today we are assessing the
1:23 economic impact of the 20 26
1:27 cup. This committee held an
1:28 oversight hearing on the
1:30 city's preparations in hearing
1:33 on world cup legislation in
1:35 and we passed three bills on
1:38 bathroom access on events,
1:40 calendar ring and a small
1:41 businessman map and a cultural
1:44 passport program today is a
1:46 look back about what? The
1:48 city's investment actually
1:50 produced who benefited and
1:51 what the City should do
1:52 differently the next time an
1:54 event of this scale comes
1:57 around first we'd like t
1:58 odiscuss the world cup
2:00 successes. What worked well,
2:01 and what should become part of
2:02 a long term playbook for the
2:04 City of New York we held three
2:06 fan events and all five
2:09 boroughs, 30000 people watch
2:10 the final on the great lawn in
2:12 central park, you jersey
2:13 transit for the most part
2:15 ,moved more than 30000
2:17 0passengers across the eight
2:18 matches. It meant stadium, so
2:20 there is a lot to celebrate
2:20 .second, we'd like to
2:24 understand the return on
2:25 investment here, the council's
2:28 finance division has a
2:28 nanalysis showing that hosting
2:30 the world cup cost the City
2:31 more than it brought in, there
2:33 were some projections released
2:35 earlier today in a press
2:36 release and we'd like t
2:41 ounderstand the true return on
2:42 investment from these various
2:43 sources and whether or not,
2:44 this was a net cost to the
2:49 City a put simply New York
2:51 City might have helped
2:52 subsidize a tremendous payday
2:54 for fifa and will be digging
2:56 in more onto that with a
2:57 resolution that my counsel
2:58 member colleague will present
3:01 .and so we still also don't
3:03 have a meaningful account of
3:04 where exactly all of the money
3:07 went in told us that it had
3:09 passed 20 million through to
3:10 the host committee and
3:11 committed to sharing a
3:12 breakdown of how that money
3:14 was spent along with the
3:15 agreement to the host
3:17 committee, so we're hoping t
3:19 oget more specifics on the
3:23 agreement, ma'am, we did
3:24 receive a breakdown of the
3:26 additional 15 million that the
3:28 Madam ian administration added
3:30 of that 15 million. 9 Million
3:33 was allocated to fan zones and
3:34 we want to understand how that
3:36 was just across all fiv
3:41 eboroughs
3:41 . In the host committee
3:42 reported around in regional
3:45 economic impact that number
3:47 covers both New York and New
3:49 jersey together, so we're
3:50 trying to understand the host
3:51 committee's methodology of
3:53 what specifically happened in
3:56 New York the world cup fell
3:57 during peak tourist season. So
3:58 many world cup visitors simply
3:59 , it have taken the place of
4:00 tourists who could have come
4:02 anyway, so we want to bette
4:04 runderstand again the
4:07 methodology chair Thomas,
4:07 Henry and I have introduced
4:09 resolution number 65 5, which
4:12 calls on pita to pain New
4:14 yorkers in New York City, the
4:16 1 million legacy contribution
4:17 that was promised for hosting
4:21 the cup, I'll leave it t
4:21 ochanel, Thomas Henry or my
4:22 councilwoman co chair to speak
4:25 to that resolution and finally
4:28 enclingos this hearing is as
4:30 much about the next event as
4:31 it is the last one in July
4:36 2028 queens is set to host
4:38 nine olympic soccer matches
4:39 ,the lessons of the world cup
4:41 this summer shape how the City
4:43 approaches that event and
4:44 everyone like it. We need
4:47 commitments from event
4:48 organizers in writing before
4:49 committing public money and we
4:50 need to account publicly for
4:52 every dollar that passes
4:53 through to a third party, the
4:55 20 28 olympics are less than
4:57 two years away and tha
4:57 tplanning needs to start now
5:01 . We want to hear from the
5:02 administration today about
5:03 what the City spent what New
5:04 yorkers got for that money and
5:06 how the City plans to carry
5:08 those lessons forward before I
5:10 passed to my colleague. I want
5:12 to recognize the economic
5:13 development committee staff
5:14 for their work in preparing
5:15 for today's hearing. Thank you
5:18 to senior counsel alex fallen
5:19 off senior policy analyst
5:21 william hung nash and
5:22 financial analyst spencer
5:27 cooney. I will now turn the
5:27 Maloney. Good afternoon,
5:32 everyone. I am Council Member
5:33 chanel time is Henry, chair of
5:35 the committee on small
5:39 ness. Thank you for
5:40 joining us for today's joint
5:42 hearing today, the
5:43 administration announced that
5:43 the world cup generated and
5:46 estimated $2 billion I
5:48 neconomic activity for New York
5:51 City that is significant and
5:52 it gives us an important
5:54 starting point for today's
5:57 conversation. But in a City as
5:58 large as New York headline
6:01 economic activity alone does
6:02 not tell us who actually
6:03 benefited from it. The
6:06 question before us today is
6:08 did New yorkers feel it.
6:11 Did the restaurant owner in
6:12 corona see New customers come
6:13 through tir dheoors did the
6:15 small business in the bronx,
6:18 brooklyn, staten island or
6:19 southeast queens. Get a piece
6:21 of that $2 billion and after
6:24 the crowds went home, did
6:26 those businesses walk away
6:28 stronger than they were.
6:29 Before Mayor mom donny said
6:30 today that the world cup
6:32 belonged to the deli owner
6:35 scab drivers and line cooks
6:36 . Who welcomed the world to
6:39 New York. I agree that those
6:40 New yorkers help make this
6:43 tournament possible. It's
6:44 clear what New yorkers did for
6:45 the world cup today. We want
6:48 to understand what the world
6:50 cup did for New yorkers
6:52 . The world cup to 20 26 was
6:55 the largest of the
6:59 tournament's existence.
7:00 More than 1 million peopl
7:01 ecame to the New York, New
7:03 jersey region New welcome
7:06 visitors supported
7:07 transportation and public
7:09 safety hosted fan events and
7:11 helped create the experience
7:12 that allowed this global event
7:16 to succeed. But while this
7:17 admin celebrates small
7:18 businesses across the City are
7:20 still holding their breath.
7:23 And that is why a headline
7:24 number cannot be the end of
7:25 this conversation. We must
7:27 look beyond aggregate economic
7:28 activity and acts where that
7:31 activity occurred which
7:34 industries benefited which
7:35 neighborhoods or increased
7:37 foot traffic. How many local
7:39 businesses participate it and
7:40 whether the opportunities were
7:42 equitably distribute it all
7:46 five boroughs.
7:46 Because the goal cannot
7:48 simply be too hope that
7:50 economic activity trickles
7:51 into our neighborhoods. We
7:52 have to build in for the that
7:56 intentionally directs
7:59 opportunities there. That
7:59 means coordinating earlier
8:01 with bids. Chambers, merchant
8:04 associations, street vendors,
8:05 restaurants and retailers
8:07 . So businesses know what is
8:08 coming and how they can
8:12 participate and it means
8:13 removing barriers in creating
8:14 clear pathways for businesses
8:16 across all five boroughs t
8:18 oturn major events into real
8:20 lasting economic activity that
8:23 also includes examining the
8:24 commitntsme made to our City
8:27 resolution 6 5 5, which I
8:29 sponsor calls on fifa t
8:31 oprovide New York City with the
8:35 $1 million legacy contribution
8:36 associated with hosting the
8:38 tournament that they promised
8:40 together we are demanding New
8:41 York gets what it was promised
8:43 and better prepares us for
8:46 what's ahead. That's why I'm
8:47 proud to hold this hearing t
8:48 odetermine how the City can
8:51 build a coordinated playbook
8:52 for future major events s
8:53 othat when New York welcomes
8:55 the world, our small
8:58 businesses and working people,
8:59 our position from day one t
9:00 obenefit from it. I look
9:03 forward to hearing from the
9:04 administration today about the
9:05 economic impact of the
9:07 tournament. I want to thank
9:08 tyler walls and rebecca
9:10 beryllium from central staff
9:13 for putting work for their
9:13 work putting this hearing
9:15 together as well as my staff,
9:21 franklin richards. Everyone
9:22 working behind the scenes t
9:23 omake today's hearing possible.
9:28 At this time I want to
9:28 acknowledge that we are joined
9:29 byur o council colleagues
9:32 council murano council, Brooks
9:34 Powers council salam in
9:38 Council Member census, salsa
9:42 , and Council Member Banks
9:54 will now turn to committee
9:54 counsel to administer the oat
9:57 h. Thank you. Chairs alex
9:58 falling off committee counsel
9:59 ,all members of the
10:00 administration testifying
10:01 today. Please raiseour y right
10:03 hands, do you swear or affirm
10:04 to tell the truth, the whole
10:05 truth and nothing but the
10:06 truth in your testimony today
10:08 and to respond honestly t
10:08 ocounsel member questions.
10:13 Thank you. You begin when
10:23 ready, can hear me. Perfect
10:26 . Um, good afternoon chair,
10:28 Maloney chair Thomas Henry and
10:29 members of the committees and
10:31 thank you for the opportunity
10:32 to speak with City Council
10:34 today. My name is maya honda
10:35 world cups are even though, um
10:39 , basketball is not my purview
10:40 . I would be remiss if we did
10:41 not acknowledge the historic
10:42 performance of the New York
10:44 liberty last night. Incredible
10:46 sweep of the links, so just
10:46 want to shout them out for
10:49 that, um, and then move on to
10:51 soccer so this summer, we
10:53 welcomed more than 1 million
10:55 people from around the world
10:56 for the 20 26 fifa world cup,
10:58 the tournament, not only
11:00 brought historic opportunities
11:00 for our City but intricate and
11:02 complex challenges as well.
11:05 Mayor mom dhoni was clear from
11:06 the outset, we had to.
11:07 Make sure that every New
11:08 yorker could be a part of the
11:10 celebration. We had to kee
11:11 pour City safe and our streets
11:13 moving and we had to make sure
11:15 that bars, restaurants and
11:16 business from across all five
11:18 boroughs benefited from the
11:21 world cup
11:21 . Thanks to the tireless
11:22 preparation of our City
11:22 agencies and the dedication o
11:23 fnew yorkers both inside and
11:24 outside of the government.
11:26 This tournament was a success
11:27 on all three friends the world
11:29 cup added more than $3.
11:32 5Billion to our regional
11:35 economy to our hotels, small
11:36 businesses and commercial
11:37 . Corridors, not only is that
11:38 real money in the pockets of
11:40 business owners and worke.rs
11:41 it's $200 million more than
11:45 initially projected within New
11:46 York City the tournament
11:48 generated approximately 2
11:49 billion in economic activity
11:50 more than half of the total
11:51 regional impact and more than
11:53 two thirds of all direct
11:56 visitor spending.
11:56 The numbers are clear
11:58 . Major international events
11:59 can deliver for New York
12:00 city's economy. They can
12:01 deliver for our sports bars
12:03 where foot traffic increased
12:04 by 16% year over year
12:04 throughout the tournament they
12:07 can deliver for our hotels who
12:08 . Saw over a billion dollars
12:08 in additional revenue thanks
12:12 to the world cup and they can
12:13 delive forr workers with more
12:15 than 12000 jobs supported by
12:16 visitor and operational
12:17 spending from the tournament,
12:20 this explosion and economi
12:20 cactivity was not limited t
12:22 oany single sector hospitality
12:25 food service, retail and
12:26 tourism all benefited from
12:27 this
12:28 to New yorkers, we're not
12:33 guaranteed they were the
12:35 direct result of the mamdani
12:37 administrations. Efforts t
12:38 oengage businesses of all kind
12:39 dr foot traffic to every
12:41 borough and host events for
12:42 every New yorker to make sure
12:44 that New yorkers could be a
12:45 part of this historic
12:45 tournament we hosted more than
12:48 100 free watch parties in our
12:49 parks, plazas and public
12:51 spaces, we secured a thousan
12:52 daffordable tickets to world
12:53 cup matches for New yorkers
12:54 and kept soccer fields in
12:56 every borough open 24 7 to
12:57 give people a place to pla
12:58 ylong after the sun had set t
13:02 okeep our City safe and moving.
13:02 We brought together agencies
13:04 across multiple levels of City
13:06 government expanded ferry
13:07 service and launched a midtown
13:09 transportation plan with
13:10 dedicated bus and shuttle
13:13 corridors to drive traffic t
13:14 ocommercial corridors across
13:15 the City we launched a $26
13:17 meal deal for our
13:18 . Restaurants, a cultural
13:19 passport program for cultural
13:21 organizations and small
13:23 businesses and business
13:24 districts and a small busines
13:24 stool kit that reached more
13:26 than 56000 New yorkers from
13:29 breweries on staten island t
13:30 omuseums and queens to watch
13:30 parties in the bronx. We
13:30 brought businesses and
13:33 organizations across the City
13:34 together to take part in the
13:37 celebration, but the mayor's
13:38 mandate was clear. We needed
13:39 to build a legacy that lasted
13:40 beyond the final whistle.
13:41 That's why the City economic
13:44 development corporation
13:44 leverage the global attention
13:45 surrounding the event t
13:46 oconnect businesses with City
13:49 leadership highlight
13:50 opportunities for investment
13:51 expansion and showcase New
13:51 York City as a destination for
13:52 growth and innovation during
13:56 the tournament hosted its
13:58 annual choose summit bringing
13:59 together more than 350
14:01 attendees representing 150
14:02 businesses from 34 countries
14:05 also organized site visits and
14:07 tours across multiple
14:10 neighborhoods and New York