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NEW YORK CITY-In examining the Bloomberg administration’s $68.7 million preliminary budget for 2013 and long-range financial plan for 2016, an analysis released by the New York City Independent Budget Office shows that the five boroughs will demonstrate stronger gains in employment than in income, resulting in a mixed picture for commercial real estate. According to the report, IBO projects that the city will gain 435,000 jobs over the next five years, despite continued weakness in Wall Street revenues, salaries and tax collections for the city.

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