Better to cut losses and get the hell out with small losses rather than ride it down to nothing...Commie hellholes NEVER get better. Ask the people from East Germany or the folks from Havana...
True but the difference for NYC is it will always likely to have a taxing “sugar daddy” to bail them out of the consequences of their bad choices. First taxing “sugar daddy” NY State. It has a Rat governor and a Rat majority legislature that will be under enormous Rat solidarity political pressure to bail NYC out. Second taxing “sugar daddy” is FedGov. Yes FedGov under a GOP administration is not likely to bail them out but the chances are not zero! Under a future Rat administration chances are 100% it will happen.
Cuba, other Communist states had no higher level “sugar daddies” to turn to so the consequences of the utter and dangerous effects of communism were quickly felt.