The city faces a daunting recovery from Covid-19, but it can do much to ensure that its many distinctive industries survive
By BETSY McCAUGHEY, Special to the Sun | October 13, 2020
New York is heading into a financial abyss. On October 1, Moody's downgraded New York City general obligation debt for the first time since the Dinkins era, and warns that more downgrades may be ahead.
Meantime, the De Blasio administration announced October 3 that it was defaulting on a long scheduled $900 million deferred payout to current and former employees. Intervention by a court led to more obligations.
Howard Husock, City Journal
Nearly half (47 percent) of all the households in New York City public housing have lived in their apartments for 20 years or more. Some 18 percent have lived in the projects for at least 40 years. This is not just intergenerational dependency. Spending a lifetime in public housing also reflects a lifetime of missed opportunity. The two main features of public housing are artificially low rents and resident income limits. Read more here.
Karthik Ramanna, Fortune
Andrea Shalal, Reuters
John B. Taylor, Project Syndicate
For states and municipalities, assuming endless economic and population growth can bring disaster.