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‘We’re at War’: New York City Faces a Financial Abyss. The pandemic has crippled tourism, retail and the culture sector. The damage could last years, and layoffs, service cuts and added debt are all on the table.
New York Times ^ | September 28, 2020 | Dana Rubinstein

Posted on 09/29/2020 2:57:09 PM PDT by karpov

The unemployment rate in New York City is 16 percent, twice as high as the rest of the country. Personal income tax revenue is expected to drop by $2 billion this fiscal year. Only a third of hotel rooms are occupied, and apartment vacancies in Manhattan have hit a peak.

New York, more than any large city in the world, has been forced to grapple with the coronavirus outbreak’s dual paths of devastation: The virus has killed 24,000 people in the city and has sapped it of hundreds of thousands of jobs and billions of dollars in tax revenue.

And even as the city has contained the spread of the virus, it has been unable to exert control over its threat to the economy.

Numerous economic indicators suggest that New York City will face an extended financial crisis, the likes of which has not been seen since the 1970s.

The city has already slashed spending to make up for billions of dollars in lost tax revenue, but it may lose billions more.

Mayor Bill de Blasio and Gov. Andrew M. Cuomo have repeatedly asked the Trump administration for help, but the president, a native New Yorker who openly scorns his city of birth, has instead threatened to cut its federal funding. Should he win re-election in November, it seems likely that the city will be forced to implement drastic layoffs and service cuts.

New York City may even be compelled to borrow just to keep everyday services running; the mayor has asked state leaders to grant the city the authority to do so. So far, the state has resisted.

Shootings are on the rise, some New Yorkers are fleeing for the suburbs, businesses are reconsidering their need for office space

(Excerpt) Read more at nytimes.com ...


TOPICS: Business/Economy; US: New York
KEYWORDS: anarchotyranny; economy; newyork; newyorkcity; newyorkslimes; newyorktimes; nyc
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Despite a Massive Budget Crisis in NYC, Mayor de Blasio's
Unelected Lesbian Wife Maintains a Staff With a Shocking Price Tag
PJ Media ^ | 08/20/2020 | Rick Moran / FR Posted by SeekAndFind

New York City is in the midst of a massive budget crisis caused by the coronavirus pandemic. The city is facing layoffs of 22,000 city workers, the trash isn’t getting picked up, the parks aren’t being maintained. But Mayor Bill de Blasio’s wife, Chirlane McCray, maintains a staff of 14 and has a budget of $2 million. McCray is a professional activist, meaning she’s a pro at squeezing money out of politicians. She got her soulmate Bill to give her $1.25 billion for a mental health initiative she called ThriveNYC. That was five years ago. So how’s that program working?

No one really knows because McCray apparently can’t keep track of the money.

New York Post: First lady Chirlane McCray’s ThriveNYC unveiled a splashy new website Monday purporting to show the $1.25 billion plan has “dramatically improved the landscape of mental health services in New York City over the last five years.” But a closer look at geocoded maps and colorful bar graphs in the “Data Dashboard” reveals missing metrics for over two-thirds of the programs, no advancements for about half of the initiatives and a major decrease in services badly needed during the COVID-19 pandemic.

And there’s only six months worth of data for the nearly five-year-old program.

You mean she has to keep track of the money? I guess no one told her. Her staff has doubled in size since 2018, including the addition of a videographer.

Fox News: They include the $70,000 videographer McCray brought on in February. The shooter, who is listed as a Department of Health employee in city records, filmed the first lady making ginger snaps on April 2 during the coronavirus lockdown.

(Excerpt) Read more at pjmedia.com …

=================================================

Other members of the shadow staff who participated in a “Team Lunch” in The Bronx in January 2019, according to McCray’s public schedule, are a $143,000-a-year public relations director, also from the Department of Health, and a special assistant from the mayor’s office who makes $115,000.

Then there’s the $130,000 “executive program specialist” from the Dept. of Social Services and $65,000 “associate director of advance” to the first lady.

Sources at the Mayor's Office saidthe mayor's wife also has at least another six staff who are not named
on the official public roster. Her total workforce numbers 14 with a hefty price tag of $2 million.

McRay's pricey team includes $150,000-a-year senior adviser Dabash Negash (pictured) recruited in April
- at the height of the pandemic, just one week after de Blasio announced a hiring freeze to help close a $7.4 billion budget deficit.

These two have city money pouring in......faster than they can find places to hide it.

DeBlob put his wife in charge of four (4) govt-funded agencies that have the most potential for looting

(A) <><> mental health reform (she "forgot" where she put $800 million tax dollars)

(B) <><> coronavirus racial equity agency.....

(C) <><> heads the tax-funded Mayor’s Task Force on Racial Inclusion

(D) <><> Upon taking office, he gave her "The Mayor's Fund for NYC" which receives non-stop tax dollars to
"do-good" for the city (and to finance their political ambitions).

THERE IS NO OVERSIGHT----they can loot and pillage tax dollars at will.

101 posted on 09/29/2020 4:37:56 PM PDT by Liz
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To: Jan_Sobieski

I see what you’re saying now. Yes, I don’t disagree. But what we know now vs what we knew then. We knew enough in March that it was highly contagious. We didn’t know that only 1:100,000 under 18 would succumb to it, or that only 1:50,000 under 50 (give or take). They could have shut down mass transit to the general population while leaving it open to people with a badge or other front line ID like hospital workers etc - since they ended up shutting down all popular destinations anyway (restaurants, bars, theaters, museums, office space etc) what did they need the subway for?


102 posted on 09/29/2020 4:41:16 PM PDT by monkeyshine (live and let live is dead)
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To: karpov

l8r


103 posted on 09/29/2020 4:45:41 PM PDT by preacher ( Journalism no longer reports news, they use news to shape our society.)
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To: karpov

They elected the problem. Now, they are lauding the problem. The real problem is the voters.


104 posted on 09/29/2020 4:47:56 PM PDT by Antoninus (The press has lost the ability to persuade. They retain the ability to foment a panic.)
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To: cherry

But... they Have run out of money now. Tax receipts this year are a fraction of what they HAVE spent. They were in the red before all this happened, the only ready cash they had was the pension fund.

The problem with state and city IOUs is that they cannot print money. A sudden political theater like this pays off in politics, not cold hard cash.These Democrat cities and States are planning on sob stories to raid Federal funds.

I dont think the citizenry are willing to let them off intentionally destroying their own cities. Simply because Federal funds ARE the citizenry, I want to see them clean up their own mess. Burning down the house and blaming me for months, then demanding that I fix it all for them is a NO GO JOE.


105 posted on 09/29/2020 4:51:36 PM PDT by American in Israel (A wise man's heart directs him to the right, but the foolish mans heart directs him toward the left.)
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To: karpov

Yeah, this is all the fault of the Bad Orange Man ... just like the chronic food shortages in the Soviet Union were the fault of the Kulaks or the weather or running dog capitalist wreckers - or something other than the real reasons.


106 posted on 09/29/2020 5:00:12 PM PDT by Gritty (Evil people always support each other; that is their chief strength. - Aleksandr Solzhenitsyn)
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To: mewzilla

Negative, they voted for what they got. Suicide.


107 posted on 09/29/2020 5:05:33 PM PDT by Spktyr (Overwhelmingly superior firepower and the willingness to use it is the only proven peace solution.)
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To: karpov

Elections have consequences!

When you elect LIEberals, you get bad consequences!

Here is your sign, New Yorkers: ELECT CONSERVATIVES!


108 posted on 09/29/2020 5:07:21 PM PDT by Taxman (MAKE AMERICA GREAT AGAIN, AGAIN!)
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To: monkeyshine

It was nursing home workers, and (the initial vector) low-level hospital workers that frequently held second jobs at nursing homes.


109 posted on 09/29/2020 5:07:52 PM PDT by M1903A1 ("We shed all that is good and virtuous for that which is shoddy and sleazy...and call it progress")
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To: BellaMac

The computer farms moved out of NJ as a primary location some time ago. NJ was an emergency step after 9/11, but most of the important farms went fully distributed and are now multiply redundant in data centers all over the country - with no few of them having presence in Dallas, for example.


110 posted on 09/29/2020 5:09:04 PM PDT by Spktyr (Overwhelmingly superior firepower and the willingness to use it is the only proven peace solution.)
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To: jdege

A welcome committee needs to be set up in every community. Large men with bad breath and worse attitudes, “ you may not vote for the next ten years, after that your vote will be made in public, the beatings will continue until no one is voting democrat” “oh, and welcome to our neighborhood.


111 posted on 09/29/2020 5:11:29 PM PDT by kublia khan (Absolute war brings total victory)
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To: a fool in paradise

I had always wanted to see NYC but now, I’m not so sure.

It was always expensive and now, will there be any entertainment or restaurants to visit?


112 posted on 09/29/2020 5:11:47 PM PDT by proud American in Canada (In these trying times, "Give me Liberty or Give me Death!")
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To: Spktyr

Thanks for that information! So in other words there are no real physical installations keeping major trading companies in NYC. I seem to remember that the financial companies want to be very close to the main financial data feed (cable) because seconds i.e. milliseconds make a huge difference in electronic trading.

With the distributed data and the improvements in data speed - NYC really doesn’t have that much to offer anymore. It used to be the nightlife, restaurants, sports, music and other venues - but if crime rates are so high and there is nowhere to go and nothing to do - what’s the attraction? (rhetorical)


113 posted on 09/29/2020 5:19:55 PM PDT by BellaMac
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To: karpov

Blame your mayor. Blame your governor. Blame yourselves for being so stupid as to vote them in and to follow them off a cliff


114 posted on 09/29/2020 5:22:54 PM PDT by tinamina
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To: karpov

Perhaps DeCommieoBlaieo ought to donate his entire fortune to the city to help fix the financial problem he has caused.


115 posted on 09/29/2020 5:25:12 PM PDT by GreyFriar (Spearhead - 3rd Armored Division 75-78 & 83-87)
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To: karpov

“Shootings are on the rise, some New Yorkers are fleeing for the suburbs, businesses are reconsidering their need for office space”

Human sacrifice, dogs and cats living together... mass hysteria!


116 posted on 09/29/2020 5:34:19 PM PDT by Rebelbase
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To: karpov

The New York Toilet Paper.


117 posted on 09/29/2020 5:39:39 PM PDT by moovova
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To: karpov

What you said.

No sympathy at all. These people elected Bloomsbury and he would have been just as bad as Commie diBlockhead. But Bloomsbury would have made it look like he cared.

DiBlockhead doesn’t even care. He even relishes seeing all the capitalism in the city be destroyed.

Too bad, so sad. Don’t feel any more for you than I felt for intellectuals in the USSR who supported Lenin . . . then were shot.


118 posted on 09/29/2020 5:44:38 PM PDT by LS ("Castles made of sand, fall in the sea . . . eventually" (Hendrix))
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To: BellaMac

Increasingly there’s less and less advantage in staying in Manhattan as you actually increase latency when dealing with the increasingly important Asian markets if you’re there as opposed to the Midwest or West Coast.

As for your question... increasing numbers of people and companies are asking the same question, and with the forced Work From Home caused by COVID-19 more than proving the general usefulness and productivity of WFH, there’s even fewer reasons to be there.


119 posted on 09/29/2020 5:48:14 PM PDT by Spktyr (Overwhelmingly superior firepower and the willingness to use it is the only proven peace solution.)
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To: Jan_Sobieski

No, but they weren’t cleaning the subways *at all* until a couple months in when they realized that the subways were transmission hot spots. Idiots.


120 posted on 09/29/2020 5:49:20 PM PDT by Spktyr (Overwhelmingly superior firepower and the willingness to use it is the only proven peace solution.)
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