New York City has been the incubator for artistic, commercial and financial achievement.
Given the number of commercial and residential tenants who aren't paying rent, the city will likely see a significant reduction of property-tax revenue, which accounts for more than one-third of municipal revenue.
Congress has been generous, allocating more than $12 billion to New York state, $6 billion to the city, $6 billion to the Metropolitan Transportation Authority, and $9 billion to the state's schools.
The state Legislature seems to believe that the revival depends on even more government spending, financed by taxing commercially successful New Yorkers.
A successful person in New York pays 40% more in state and local taxes than a Floridian.
Policy makers should focus on the challenge of keeping capital in New York.
Mr. Ravitch, a Democrat, served as chairman of the Urban Development Corp., chairman of the Metropolitan Transportation Authority and lieutenant governor of New York.
https://www.wsj.com/articles/new-york-is-in-trouble-11617723185?mod=hp_opin_pos_3
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