New York City is facing a "financial abyss"

Originally published at:


Time to update that old New York Daily News headline…

“Trump to City: Drop Dead”


Taking into account the unprecedented nature of the public health emergency and NYC’s unique characteristics, most NYers I know think that De Blasio has still handled things very poorly in comparison to the mayors of other major cities. It’s all disappointing considering the progressive cred he rode in on.

I’m just hoping that all this pain will result in it becoming a (slightly) more affordable and diverse city than it’s been since Manhattan was transformed into a playground for the ultra-wealthy and since Brooklyn became a gentrified enclave for the merely wealthy.

He won’t hesitate.


The GOP (McConnell) has already said city and state governments should file for bankruptcy rather than get another bailout… :woman_shrugging:

I mean, there can’t possibly be consequences for “red” America by having states and cities do this, right? it’ll just hurt the libs, right? /s


“Personal income tax revenue is expected to drop by $2 billion this fiscal year.”

So, 20% of what it spends for the NYPD. Interesting…


My impression is that the city is heading for a reckoning in much the same way Silicon Valley and other parts of California have been facing. Workers that can work remotely are now realizing that the high cost of living in said areas is not really worth it and i’ve seen a number of people from the NY area and from California pop up over here in TX in the last few months, its likely the same in other areas too.

As far as tourism goes it just won’t recover until there’s not just a vaccine but also the US as a whole needs to have its shit together which you know… Trump.


Cheap rent attracts artists.
Artists cause cultural boom.
Cultural boom causes population boom.
Population boom causes gentrification.
Gentrification causes cultural decline.
Cultural decline causes population decline.
Population decline causes cheap rent.
Rinse, repeat.


Don’t fret, New Yorkers, you have the nation’s finest mayor on the job, ready to fix things!


I lived in the Mission District in the late 90s and I remember the fuss raised over a potential homeless youth center in the Castro. Residents went nuts over the potentially unwashed young masses getting help in their neighborhood. Might as well have proposed a hog rendering plant.


Man, they might have to decrease the NYPD’s budget…


If only there was a large financial institution and/or the individual profits that could be taxed to generate revenue.


What! That trick NEVER works… /s


The problem with screamer headlines such as this is they focus on a complex picture through a single lens.

Capitalism - and all who depend solely on it to survive - has suffered a deep wound, deeper in NYC than the rest of the U.S. .

The fact that its failure to sustain us (aggravated by the federal government’s complete abdication of responsibility towards public health) is hurting so many people so deeply points out that it is a flawed model, designed to reward those who can play the game, and leave behind those who cannot play successfully by its rules.

Another lens might show that mutual aid organizations in New York City have sprung up, organized and grown effective in addressing New Yorkers’ instability in employment, food, and the soon-to-be-monstrous shortage in housing (just wait till the eviction courts kick into gear again).

Mutual aid works on the principle that we are all humans, and all in this together. If you’re cynical, then carry on waiting for the economy to recover, and the government to save you.

If you believe that people can help each other, then Google “mutual aid” and maybe even your neighborhood (particularly in NYC). See what’s there, and ask how you and your neighbors can help each other in this time. Maybe you can start something of your own.

I’m glad to be part of a movement that is working to help foster communities looking after their own where government and capitalism are failing. In this moment, we’re all we’ve got.
If you hunker down with guns and provisions, well, we know what you’re made of.

If you connect with your neighbors and work to help each other out …


Gee, if only we hadn’t just give a $1.5 trillion tax break to people who don’t need the money, we might have an infrastructure that could support people whose incomes have actually been disrupted by Covid. I mean, it’s not like Congress could just rescind those cuts or anything, god no…


“This time for sure!”

… well, I’m gettin’ close!


Hmmm… time to look up rentals! Lock in a long lease!


Start Stop spreading the news virus.


Ironically, the Castro is the worst for this. Sooo much entitled nimbyism. And I say this as a gay person who lived a few blocks over for several years. Those white gay dudes with their dual male incomes and no kids have a very specific vision of the world they want to live in, and odds are you ain’t in it.


“You first!”