New York City Makes More Room for Hollywood

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Patricia Kaufman heads the governor's office for film and TV development.

She says the state's decision to increase its tax credit for production costs, from 10 to 30 percent, has resulted in a spike in productions seeking to film here.

KAUFMAN: So I think it's pretty safe to say, that we are now double, just from last year to this year, we are doubling the production that is coming into New York, and it's great that we're going to have the space to bring these jobs here, because without the stages, we don't bring the jobs.

REPORTER: The new studio space will cost $22 million, of which the city will contribute $5 million.

Mayor Bloomberg says the growth of the film and TV business will help offset the downturn in the financial sector.