Artificial intelligence could potentially eliminate thousands of jobs in New York City, city official says

New York City Comptroller Mark Levin warns that artificial intelligence (AI) has the potential to displace thousands of employees in the city, highlighting uncertainties regarding its economic impact.
Levin’s report suggests that AI will lead to a “radical transformation” in New York City’s financial sector, influencing various aspects including wages, pensions, and Wall Street profits.
Various scenarios discussed in the report range from positive outcomes like a broad-based productivity boom to negative impacts like mass job layoffs.
Levin emphasizes that city policymakers must actively shape the adoption and impact of AI, advocating for proactive measures like establishing a financial contingency fund.
Levin underscored New York City’s pivotal role in AI, hosting hundreds of firms involved with AI development and having roughly a million workers in Manhattan offices who are at risk due to potential AI disruption.