Mayor Offers Short Term Relief to Help New Yorkers Through Economic Downturn

Mayor Bloomberg wants to relax tax deadlines for some property owners, launch a public awareness campaign about debt and create a Web site for laid-off financial workers as part of his plan to give short-term relief to New Yorkers amid the economic downturn.

He says the city has an increased obligation to citizens who face "harsh, short term problems."

Foreclosure is one of them; the mayor says he plans to use $24 million in federal funding to buy foreclosed properties, and turn them into affordable housing.

BLOOMBERG: If you can stabilize a neighborhood your really making a difference for an awful lot of people with a relatively small amount of money, and keep in mind, we get the homes. We renovate, we re-sell it and the people that buy it get mortgages, but they are mortgages that they can afford.

REPORTER: The proposals come just days in which the mayor is to provide an update on the city's spending plan, detailing hundreds of millions of dollars in cuts that he ordered city agencies to make.

The projected deficit for next fiscal year, which begins in July, is expected to be at least $3 billion.