Due to the perfect storm of Bill De Blasio, rioters, and the coronavirus, New York City today is looking far more like the abyss of 1975.
Over the last year, the overall wealth of New York City residents fell by more than 11 percent, representing over $330 billion in lost economic power.
State tax collections from New York City dropped dramatically since the pandemic started, down 32 percent in May and 46 percent in June.
New York City has a $9 billion budget deficit, and the state deals with a $30 billion budget deficit.
Even before the pandemic, New York City had faced fiscal armageddon.
Many businesses have been closed, while a third of the small businesses in New York City will likely not return.
New York City is simply losing more middle class and high income residents than it can afford to continue as the financial and cultural center of the world.
Tuesday, September 1, 2020
New York City likely in trouble for another generation or even more
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment