New York City’s Economic Development Corporation (EDC), historically a key driver of business growth and urban revitalization, appears to be charting a new course under the leadership of its recently appointed president and CEO, Anthony Shorris. Speaking at the Economic and Workforce Development Summit on September 17, Shorris outlined an approach that prioritizes economic justice and inclusion over traditional growth metrics, signaling a shift in the agency’s strategic focus.

Shorris, who served previously as deputy mayor under Bill de Blasio, took the helm of the EDC as Mayor Mamdani’s administration has faced criticism for adopting a stance viewed by some as antagonistic toward established business interests. The mayor’s recent public disputes with prominent executives, such as Citadel CEO Ken Griffin, have intensified concerns among the city’s business community. Griffin’s firms reportedly employ thousands of workers and have contributed billions in city and state taxes in recent years.

In his keynote address, Shorris framed the EDC’s mission in terms of leveling economic disparities rather than solely fostering growth. He emphasized the importance of government action to “provide public goods that level the playing field between working people and the wealthiest,” and repeatedly referenced themes of inclusion and “economic justice.” Shorris also highlighted plans for city-backed grocery stores intended to offer affordable food options, projects that will require significant public investment and time to realize.

Critics argue that this philosophy may divert the agency from its traditional role of stimulating job creation and economic expansion. In contrast, supporters contend that addressing inequality and expanding opportunities for lower-income New Yorkers are essential to sustainable development and long-term prosperity.

The EDC’s track record includes notable accomplishments such as the redevelopment of the South Street Seaport’s Tin Building, investment in 3,400 housing units in Coney Island, and contributions to landmark public spaces like the High Line park. It has also worked to modernize industrial facilities at the Brooklyn Army Terminal, improve markets in the South Bronx, and enhance business environments in areas like downtown Jamaica, Queens.

However, Shorris expressed skepticism toward unchecked development, warning against “unbridled growth at the expense of communities or opportunities or equity.” This stance contrasts with recent city-led initiatives, including a major proposal to build 12,000 affordable housing units at Sunnyside Yard in Queens, which some see as evidence of ongoing commitment to expansion balanced with affordability.

While acknowledging the challenges of fostering economic growth alongside social equity, Shorris articulated a vision of government partnering with communities in a “mass engagement effort” to reshape the city’s economic landscape. As New York continues to grapple with disparities intensified by recent decades of growth, the evolving role of the EDC will be a focal point for policymakers, business leaders, and residents alike.