NY mayor offers help from financial crisis fallout

NEW YORK (Reuters) - New York Mayor Michael Bloomberg unveiled plans on Thursday to help New Yorkers cope with fallout from the global financial crisis, including counseling on debt management and creating more affordable housing.

Bloomberg, who plans to stand for a third term at a November 2009 poll on the grounds he has the experience to cope with lean fiscal times, has estimated 145,000 jobs could be lost in the city due to the crisis.

His new 18-point initiative includes the creation of a website for laid-off financial services workers that will offer job listings, training resources, and access to health and unemployment insurance options.

"We can't eliminate the burden many will feel," he said. "But by creating real jobs and providing targeted assistance to small businesses, homeowners and vulnerable New Yorkers, we can provide meaningful help to those who need it most."

Wall Street accounts for 23 percent of New York City's tax revenue. In September, Bloomberg ordered city agencies to cut $1.5 billion over two years.

He has also said that a 7 percent property tax cut in place for the past two fiscal years may be cut in January. Property taxes are the only taxes the city controls, without the need for state government approval.

Bloomberg's new initiative includes plans for a public awareness campaign about debt, "green" infrastructure incentives to help create jobs, more resources for soup kitchens, opening so-called "Financial Empowerment Centers" and adjustments to property tax schedules for small business and home owners.

Last week the New York City Council approved a move initiated by Bloomberg to extend the city's two-term limit for elected officials to three-terms as the city grapples with the global financial crisis. Bloomberg, who was first elected mayor in 2001, is expected to sign it into law on Monday.

(Reporting by Edith Honan; editing by Michelle Nichols and Leslie Adler)