Covering NYCs Economy and Business CUNY Graduate School of Journalism Fall 2013 DATE AND TIME: Monday

9:10 a.m. - 12:00 (slightly different than schedule) Monday 1:30 p.m. - 4:20 p.m. CLASSROOM: 430 INSTRUCTOR: Greg David Director Business and Economics Reporting Program E-mail: greg.david@journalism.cuny.edu or as a backup gregdavid49@gmail.com Phone: 914-715-5930 Office hours: I am usually at school at least part of every day. Official hours are Tuesday 10-12:30 COURSE DESCRIPTION Building on last semesters course on New York City government, this course examines the citys economy, its business sectors and the relation of both to politics and government. The course includes classes on thematic issues and sectors of the economy and will be based on todays headlines. The course will provide an economics foundation for urban journalists, refine students ability to do urban-based journalism and master specific story types that characterize local coverage of business and economic issues. OUTCOMES Be able to understand and report effectively on the key economic and business forces shaping life in New York City. Have a solid understanding of the citys most important industries and employers, the role of small businesses and the impact of real estate and economic development. Be able to look ahead and identify economic issues that have not yet arrived but are on the horizon. Know how to identify and interpret the citys economic indicators and integrate them into economic analysis. Know how to identify relevant sources for business stories about New York

TEXT BOOKS Modern New York: The Life and Economics of a City, Greg David, Palgrave Macmillan. (It is currently $18 new on Amazon; less for used; E-book is about $15.

COURSE REQUIREMENTS Weekly Reading Students are expected to read all the assigned reading before class. Failure to do so will result in poor quiz grades and reductions for class participation. Since the reading is usually updated, I will send an email by Wednesday morning with the reading for the next Mondays class, beginning with the second class. Daily reading Students are expected to subscribe to and read in the 4 p.m. daily news alert from Crains New York Business to stay on top of the news. Additional stories (one most days) will be assigned by e-mail from the alert, print edition of Crains and other sources, primarily the metro section of the New York Times and the New York section of the Wall Street Journal. (Stories are available on Nexis and Factiva if they are behind pay walls). The library gets several copies of the print edition of Crains. Attendance: Class attendance is crucial. Missing class or being consistently late will result in a grade reduction commensurate with the absences at the instructors discretion. You must email me in advance if you will miss class. Switching sections is not allowed. Deadlines: Work must be submitted on deadline. Grades will be reduced commensurate with the delay in submitting work at the instructors discretion. School policies: Students are expected to follow school policies contained in the student handbook. Special care should be taken with plagiarism. It is a serious ethical violation to take any material created by another person and represent it as your own original work. Any such plagiarism will result in serious disciplinary action, including possible dismissal from the CUNY J-School. Plagiarism may involve copying text from a book or magazine without attributing the source, or lifting words, photographs, videos, or other materials from the Internet and attempting to pass them off as your own. Student work may be analyzed electronically for plagiarized content. Please ask the instructor if you have any questions about how to distinguish between acceptable research and plagiarism. Class participation: Class participation is expected and will factor in the grade.

IN CLASS ASSIGNMENTS: News quizzes will be given at the start of most classes. They tell me whether you have done all the reading or not. Economic outlook story. The Dec. 2 class will consist of an in-class writing assignment. Class will conduct interviews with economists and business people on the outlook for the citys economy in 2013 and then write a 600-800 word outlook piece modeled on the pieces published by Crains. We will try to combine the two sections that day. MAJOR ASSIGNMENTS The work of the class will be designed to strengthen beat reporting skills while learning how to cover urban business and economic issues. We will create (at least for a while) a competitor to crainsnewyork.com. All deadlines are no later that Monday night (meaning stories are filed when I get to work early Tuesday morning) See the detailed assignment memo sent in a separate file. Beat memo. Research assignment to get up to speed on the basics of your beat and what has been reported. Due Sept. 9 Story ideas. Starting Sept. 16, you must file a pitch every Monday night for your beat. (Meaning it is in my in-box when I get to work Tuesday morning). No more than 250 words, this pitch would be the story you would propose if you worked at Crain's when you arrived in the office on Monday. When the pitches are good, you will get the go-ahead as your news stories. Election story. This is the major assignment for the class. With the primaries over, take two remaining candidates (or do the independents too if you insist) and show how the election will/could change city policy toward your beat. Text of 600-800 words plus two additional elements (interactive graphic, audio or video). If the second element is ambitious enough (video, nifty map, etc.), you can do one additional element. Three news-related stories. You must file three 400-600 word stories accompanied by two additional elements. One of these stories must be breaking news or a report on a study that is being released. Breaking news and report stories must be posted on the day they happen. Students must also do three tweets on their news story. Audio, video and data viz stories may be substituted for text based stories.

GRADING: 25% of the grade will be determined by the election story. 50% of the grade will be determined by the three news-related stories for the blog 25% of the grade will be determined by beat sheet, quizzes, story ideas and class participation. CLASS TOPICS AND READING Class 1: Monday Sept. 9 This class is likely to go beyond the allotted time Modern New York, Pages 1-170 414 Homicides in 12 is a Record Low For New York City, Wendy Ruderman, NYT, Dec. 28, 2012 Population Growth in New York City is Outpacing 2010 Census, Sam Roberts, NYT, Aug. 5 2012 New Yorks Boom Time, Sophia Hollander, WSJ, March 14, 2013 Class will examine the transformation of the citys economy over the past 50 years and the key industries and issues from a historical perspective. This class will include an introduction to the class, assignments and review of the syllabus Nature of business journalism and key journalistic principles for the class Class 2: Monday Sept. 16 The state of economy, jobs and unemployment, the election August Eastern Consolidated jobs report. I will email. An Analysis of 2014 Executive Budget, IBO web site, read sections on US and NYC economy Why is New York Citys Unemployment Rate Increasing When Job Growth is So Strong (a google search will get you the report), Eastern Consolidated Good News or Bad News on New York City Jobs, Liberty Street Economics, NY Fed Unraveling the Discrepency Between City Job Growth and High Unemployment Rate, IBO web site The State of Working New York: Expect update on Labor Day and will assign pages Class examines the current state of the city economy, the controversy over job growth and unemployment. Also review of the election and its implications for business and the economy

Class 3: Monday Sept. 23: Wall Street Money, Power, Wall Street, Frontline web site Episode Two: all Episode Three: 24 minutes to 59 minutes The Securities Industry in New York October 20112. Access press release from this press release: http://www.osc.state.ny.us/press/releases/oct12/100912.htm Birthdays Still Big in Buyout Land, NYT, Aug. 19, 2011 A $100 Million Thank-You for a Lifetimes Central Park Memories, NYT, Oct. 23 2012 Dows up but jobs are down, Aaron Elstein, Crains New York Business Feb. 11, 2013 Merger boomlet goes bust, Aaron Elstein, Crains, July 22, 2013 A three-hour crash course in how Wall Street works, why it makes so much money and pays its people so much and is so hated, its role in the financial crisis and a look at its future. Class 4 Monday Sept. 30 Manufacturing, Tourism, Education, Film and TV Yes, there is a lot to read for this class, but nothing for the next week since the two classes work together Modern New York, Chapter 15: Three Sectors to the Rescue, Pages 185-200 Zoned for BlightGarment District Held Hostage of its Long-Vanished Past, Steve Cuozzo, New York Post, June 26, 2007 New York Seeks to Consolidate Its Garment District, Charles Bagli, NYT, Aug. 20, 2009 Fashion Firms Flee Garment District, Adrianne Pasquarelli, Crains, May 9, 2011 Fashion BID seeks new label, Adrianne Pasquarelli, Crain's June 11, 2012 Instead of Industrial Giants, Brooklyn Has Niche Factories, Joseph Berger, NYT, Aug. 7, 2012 Made in the USA Sees an Uptick, Adrianne Pasquarellu, Crains, Feb. 3, 2013 Amid Navy Yards Ruins, Space for a Comeback in Manufacturing, Patrick McGeehan, NYT, May 9, 2013 Teen Square, Adrianne Pasqaurelli, Crains, Nov. 1, 2010 Two Marriott Brands Are to Share Space in Manhattan Tower, Jane Levere, NYT, Aug. 10, 2011 Deal Beneficial to Hotel Union is Seen By Some as Special Case, Patrick McGeehan, NYT, Feb. 8, 2012 Tourists Drive Retail Surge in Manhattan, Amelia Harris, WSJ, June 3, 2012 A Record Year for New York Tourism, NYT, Dec. 31, 2012 Film, TV spent $60 billion in NYC since '02, Miriam Souccar, Crain's, May 8. 2012 (web story) Inside the Actors Studios, Annie Karni, Crains, Feb. 24, 2013 Film and Technology Hub Planned for Brooklyn Navy Yard, Julie Satow, NYT, Aug. 17 2012 5

While manufacturing has declined into virtual insignificance, tourism has risen to become the citys second most important industry. We explore the symbiotic connection between these two sectors and their importance to the citys economy. Also how education and film and tv production have diversified the economy along with tourism. Class 5: Monday Oct. 7 Class trip to the Brooklyn Navy Yard We will meet with the leaders of this city-backed effort to revive manufacturing, a manufacturer and the top people of the citys largest film studio. NO CLASS MONDAY OCT. 14 Columbus Day Holiday Class 6: TUESDAY Oct. 15 Tech New Tech City, Center for an Urban Future, May 2012 OR Technology Industry Seen Growing Fastest in New York, Patrick McGeehan, NYT, May 19, 2012, Tech Startups Moving to NYC, Matthew Flamm, Crains, May 14, 2012 Salesforce.com to acquire Buddy Media, WSJ.com, June 4, 2012 Shutterstock, The first NY Tech IPO in years was a quiet smash, Flamm, Oct. 22, 2012 MakerBot on the Move, Flamm, Nov. 26, 2012 Four Square doesnt quite check out, Flamm, Jan. 21, 2013 Four Square raises $41 million in debt, WSJ.com, April 11, 2013 A laptop and a dream, Flamm, Feb. 11, 2013 Yahoo to buy Tumblr for $1.1 billion, NYT, May 19, 2013 Tumblrs Instant Millionaires Seek to Reinvest, Flamm, May 27, 2013 New dimension in 3-D Biz, Flamm, June 24, 2013 New York is emerging as the nations No. 2 tech center with the largest social media companies establishing an outpost, the creating of a new engineering school designed to rival Stanford, and hundreds of upstarts, some of which have had successful IPOs or big buyouts. A look at the the industrys prospects in the city and whether tech can replace Wall Street. Also, a primer on the concepts and types of stories involved in tech coverage.

Class 7 MONDAY OCT. 21 Small, minority and ethnic businesses Immigrant Entrepreneurism: An engine for economic recovery. Jonathan Bowles, you can find the piece on the Center for an Urban Future web site and/or through a Google search Driver of NYC Biz: City mulls how to help 48% of owners who are foreign born, Cara Trager, Crains, Oct. 3, 2011 Goodbye bamboo ceiling, Emily Laemer, Crains, April 30, 2012 A look at the special problems of small businesses, with emphasis on minority and ethnic businesses. We will do this by visiting a business and talking with its owner. Class 8 Monday Oct. 28 Government: Economic development, regulation Mayors Big Thinking Aide Leaves City Hall With a Mixed Legacy, NYT, Diane Cardwell and Charles Bagli, Dec. 7 2007 A Stalled Vision: Big Development as the Citys Future, NYT, Oct. 29, 2009 Economic Development 2.0, Crains, Daniel Massey, May 18, 2009 From Ashes of Olympic Bid, A Future Rises for the Far West Side, Charles Bagli, NYT, Nov. 28, 2011 The inside story of Cornells tech campus win, Daniel Massey, crainsnewyork.com, Dec. 19 2011 Small Business to NYC: Get Off Our Backs, Steve Malanga, City Journal, August 2009 available on Manhattan Institute web site Getting squeezed from all sides, Judith Messina, Crains, Jan. 21, 2013 Traditionally, governments relation to the economy has been defined as economic developmentspurring major projects and zoning. This class looks at the traditional approach, how it changed in the Bloomberg era and other ways the city affects businesses through taxes and regulation.

Class 9 Monday Nov. 4 Inequality, jobs Of the 1%, By the 1%, Joseph Stiglitz, Vanity Fair, May 2011 (Factiva) The Gilded City, Daniel Massey, Dec. 13, 2010 Top Earners Not So Lofty in the Days of Recession, Jason DeParle, NYT Dec. 12, 2011 More Earners At Extremes in New York than in the U.S. Patrick McGeehan, NYT, May 20, 2012 In Climbing Income Ladder, Location Matters, David Leonhart, NYT July 22, 2013 Union Jobs Plummet in the Private Sector, Patrick McGeehan, NYT, Sept. 3, 2012 Council Speaker Unveils Compromise on Wage Bill, Kate Taylor, NYT, Jan. 14, 2012 Quinn Exempts Part of Hudson Yards From Living Wage Bill, Kate Taylor, NYT, March 20, 2012 Deal reached to Force Paid Sick Leave in NYC, Michael Barbaro, NYT, March 28, 2013 Feeling the squeeze: Not just sick days, Ali Elkin, Crains, April 15, 2013 A Days Strike Seeks to Raise Fast Food Pay, Aug. 1, 2013 Judge Strikes Down City Law That Sought Higher Pay, Kate Taylor, NYT, Aug. 6, 2013 While the citys economy has added several hundred thousand jobs in the Bloomberg era, it has also seen a growing gap between rich and poor and an increasing loud debate about what the city can do to lessen inequality. This class examines the inequality issue in the city, dissects the arguments of both the left and the right and looks at the key city policies that are being pursued to close the gap. Class 10: Monday Nov. 11 Government: Tax breaks and incentives Election analysis As Companies Seek Tax Deals, Governments Pay High Price, Louise Storey, NYT, Dec. 1, 2012 Michigan Town Woos Hollywood, Ends up With Bit Part, Louise Story, NYT, Dec. 3, 2012 As Schools Sacrifice, TV Shows Flouish, Gina Bellafante, NYT, Nov. 13, 2011 New Jersey Tries to Lure Fresh Direct from Queens, Charles Bagli, NYTJan. 11, 2012 Criticism of Fresh Direct Deal is off Base, City Officials Say, Feb. 14, 2012 Connecticut Company Aid Shows a Jump, WSJ, Dec. 2, 2012 Businesses Benefitting Under Christie, Heather Haddon, WSJ, March 31, 2013 Examination of the use of tax credits to recruit and retain businesses including the politics and the consequences. Also using the pieces you wrote at the beginning of the semester, well discuss what happens to business and economic issues now that we know who the next mayor will be.

Class 11: Monday Nov. 18 Real estate Hudson Yards or Midtown East Reading To Come Modern New York, Chapter 14, The Biggest Crash of All Reckonings: A rent affair, Paul Krugman, NYT, June 7, 2000 Like Spain, Portugal Hopes to Make Cuts, but It Is Mired in Structural Weakness, Ralph Minder, The Perverse Effects of Rent Regulation, Adam Davidson, NYT, July 23, 2013 Stuyvesant Town Lenders Take Over Property, Charles Bagli, Oct. 26, 2010 Atlantic Yards Wins Appeal to Seize Land, Charles Bagli, Nov. 25, 2009 On Appeal, Court Upholds Columbias Expansion Plan, Bagli, NYT June 25, 2010 In the New York City government class you studied ULURP. Now we examine the economic forces that drive development and its role in the citys economy. Well do so by examining either Hudson Yards or pickup on where you left off on Midtown East, depending on the status of the rezoning. Also, New Yorks unusual system to rent regulation is often lauded as the way to keep New York affordable for the poor and the middle class. Is that how it really works? And what are the consequences for New Yorkers and the citys economy. Class 12: Monday Nov. 25 The economics of hurricane Sandy Reading to be assigned after the deluge of one-year anniversary stories Hurricane Sandy devastated many parts of the New York region. But what was its impact on the economy. And a look at the mayors plan to protect the city from another such storm. Class 13: Monday, Dec. 2 Economic Outlook In-class assignment Students will interview four experts on the local economy and write a 600 word story by the end of class forecasting the direction of the citys economy in 2014. Class 14: Monday Dec. 9 Wrapup class

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