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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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To: karpov

I’m sure when the State collects inheritance taxes from all those seniors the Democrats basically killed the budgets will balance (a bit).


81 posted on 09/29/2020 4:02:59 PM PDT by Rurudyne (Standup Philosopher)
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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...

Many businesses, around the country and around the world have come to the realization that office space has largely been made superfluous. As long as you have high speed internet available. It will be one of the far-reaching and paradigm-shifting results of the pandemic. My nephew's office in Manhattan has basically been shut down. The company's lease is up tomorrow; I don't think they're renewing it. He's been working from home for three months.

82 posted on 09/29/2020 4:04:17 PM PDT by Rummyfan (In any war between the civilized man and the savage, support the civilized man. Support Israel.d)
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To: Chode

If Cuomo and Deblasio would quit lining their pockets with all the federal monies they received, they wouldn’t be in this bad financial shape.


83 posted on 09/29/2020 4:04:45 PM PDT by metmom (...fixing our eyes on Jesus, the Author and Perfecter of our faith...)
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To: karpov
Shootings are on the rise...

That's what happens when the mayor basically neuters the police force and institutes catch-and-release with respect to punishment.

84 posted on 09/29/2020 4:05:38 PM PDT by Rummyfan (In any war between the civilized man and the savage, support the civilized man. Support Israel.d)
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To: Mr. Jeeves

‘Most common news lead-in tomorrow morning: “During the debate, Trump claimed - with no evidence - that...”’

Yep you are right.

But it should be this:
Most common news lead-in tomorrow morning: “During the debate, Biden claimed - with out thinking - that...”’


85 posted on 09/29/2020 4:09:33 PM PDT by SpeedyInTexas (Localization, not Globalization)
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To: metmom

100%


86 posted on 09/29/2020 4:10:15 PM PDT by Chode (Send bachelors and come heavily armed.)
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To: ronnie raygun

Our givenor, newsum, made a point to demonstrate that while we have plateaued in Calipornia the number of infections is rising and that is of some serious concern to health directors in the state.

Laying the ground work for a sequel


87 posted on 09/29/2020 4:10:51 PM PDT by Vendome (I've Gotta Be Me https://youtu.be/wH-pk2vZG2M)
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To: scottinoc

Middle class? In NY? Its the rich that are leaving in droves. Apparently trying to not pay the higher taxes that the NY Times says Trump doesn’t pay.


88 posted on 09/29/2020 4:16:00 PM PDT by The MAGA-Deplorian (It is the Trump way! It is the only way!)
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To: SpeedyInTexas

In April, Cuomo was the darling of the left.

WSJ: “Could Cuomo Mount a Presidential Bid in 2020? It’s a ‘Fever Dream’”

“poll ... found 52% of Democrats preferred Mr. Cuomo to Mr. Biden”


89 posted on 09/29/2020 4:16:08 PM PDT by SpeedyInTexas (Localization, not Globalization)
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To: karpov

Maybe painting more streets with more gigantic BLACK LIVES MATTER slogans would help.


90 posted on 09/29/2020 4:16:52 PM PDT by kanawa ((Trump Loves a Great Deal (NorthernSentinel)))
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To: Jan_Sobieski

Were nursing home patients riding the subways?


Somehow I doubt it. But I guess you didn’t read the entirety of my post. It seems about half of NYC deaths came from the extremely reckless, and very suspicious, decision by the governor. What he did makes no sense. On the one hand, he said he wanted to protect the most vulnerable by banning visitors to nursing homes to keep the virus out (which is reasonable even with what we now know), while on the other hand literally ordering infected people into nursing homes. Two contradictory orders that cannot be reconciled logically. Thus, it is suspicious and worthy of independent investigation. What motivated him to order people with the virus into homes? My guess, money. Given the corruption in Albany noted over the years even more worthy of investigation.

However and unfortunately, the people who worked in nursing homes probably did ride the subway.


91 posted on 09/29/2020 4:20:08 PM PDT by monkeyshine (live and let live is dead)
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To: The MAGA-Deplorian

The middle class are abandoning ship as well.

Just before we moved out, it seemed like every where I went, I heard people talking about someone t hey knew or they themselves, packing up for greener pastures.

The middle class is abandoning ship there, at least in Upstate NY.


92 posted on 09/29/2020 4:22:45 PM PDT by metmom (...fixing our eyes on Jesus, the Author and Perfecter of our faith...)
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To: karpov
‘We’re at War’: New York City Faces a Financial Abyss.

WTH? Can't they just raise taxes? That always works.




/s

93 posted on 09/29/2020 4:24:13 PM PDT by Spirochete
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To: monkeyshine

This cough virus is little different from the flu and primarily affects 80+ year olds. Eventually all of us will be exposed. Shutting down mass transportation is cutting your throat to stop a nose bleed. If you don’t believe this, Fauci and Gates have a snake oil vaccine to sell you...


94 posted on 09/29/2020 4:26:57 PM PDT by Jan_Sobieski (Sanctification)
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To: karpov

GOOD


95 posted on 09/29/2020 4:29:33 PM PDT by Fledermaus (ONLY A MORON THINKS 6 FEET IS A MAGIC NUMBER!)
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To: Hojczyk
Not if ya listen to Jerry Seinfeld, who of course lives in a mansion on Long Island. :^) Here's a blast from his past:
Comedians in Cars Getting Coffee S01 E08 Colin Quinn amp Mario Joyner

Comedians in Cars Getting Coffee S01 E08 Colin Quinn  amp  Mario Joyner

96 posted on 09/29/2020 4:30:24 PM PDT by SunkenCiv (Imagine an imaginary menagerie manager imagining managing an imaginary menagerie.)
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To: JennysCool

The “help” they ask for is bailouts for non-related crap.


97 posted on 09/29/2020 4:30:50 PM PDT by Fledermaus (ONLY A MORON THINKS 6 FEET IS A MAGIC NUMBER!)
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To: karpov

Not buying it. I fiund out several local churches took million in payroll protection to stay closed. If it is true for churches, how much more so for those other industries.
Afraid the stay closed and get paid fountain of free money is coming to an end?
No end in sight.


98 posted on 09/29/2020 4:34:11 PM PDT by momincombatboots (Ephesians 6... who you are really at war with)
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To: butlerweave

Just an observation. The pandemic didn’t cause the problem. Stupid decisions and policies enacted by Cuomo and DeBlasio did.


99 posted on 09/29/2020 4:35:56 PM PDT by Parmy
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To: monkeyshine
The one thing I have not heard discussed at all is how NYC is, right now, perhaps the “flattest curve” in the entire country. Why is that? Perhaps something to do with herd immunity. Again, just a semi-educated guess, but I’d venture to say the virus ravaged every person it could. Many died. Many more got sick. Many got sick and either had minimal or no symptoms and their bodies ultimately defeated the virus. No way to know for sure. But NYC got hit with the peak very hard very fast due to the lifestyle and density of the region, and is now over it... but other parts of the country it’s a much more elongated slope.

Yep, all correct. They killed everyone they could kill with it.

100 posted on 09/29/2020 4:35:59 PM PDT by palmer (Democracy Dies Six Ways from Sunday)
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