Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
So are you agreeing that it seldomly happens and likely will never happen? Statistically, those two bankruptcies are more of an anomaly, then a guide to what will happen to NYC.
I believe with how fast markets move and how significant credit ratings are, the risk of a potential downgrade would handicap a local govt. Cost to borrow increases, less funding and high debt service, leads to higher taxes, that it becomes a viscious cycle that could lead to a default of payment but not bankruptcy.. ie debt ceiling with the Federal govt. Sets off a chain of reactions, that becomes catastrophic, and why it budget will be balanced.
Due to shockwaves and other affects municipalities often will do everything in their power to avoid filing for bankruptcy. That is why it seldom happens..
Ten years after bankruptcy Detroit was coming back, but it still faced and still faces hurdles.
Bankruptcy is what it is for both private individuals, businesses and governments.
People have long memories. After you've shafted themselves or whoever via bankruptcy some may look at a city government with side glances and sort of a "never again" attitude.
New York City would never file bankruptcy not because of statutory prohibitions, but the political and financial shockwaves that would reverberate across world and nation would be disastrous.
New York State budget alone derives huge amount of funds from downstate/New York City. You knock NYC out of the equation and Albany goes into a death spiral almost at once. At least back in 1970's upstate still had some sort of economies that brought in money, those days are largely gone. Downstate in particular NYC is what keeps Albany's butter stuck to it's bread.
One lasting result of NYC's near total fiscal collapse in 1970's was Albany got their hooks into city government in many ways that still matter. If there was even a hint of NYC going down the pan Albany would step in long before that first flush with clear and direct messages for City Hall.
I have first hand knowledge of exactly what’s going on all over the city. My sister and her husband quit their high paying jobs in Manhattan and sold their house moved to Texas . My girlfriend’s husband and her adult son are both firefighters in Manhattan.
Another good friend works for the MTA so I hear the horror stories that are NOT on the news.
I don’t think Biden cares in the slightest if NYC goes bankrupt. Never say never
Believe it or not but what you just cited is considered 2nd hand, not first hand - big difference between hearing and seeing first hand.
If the quality of life deteriorates in NYC more people will move out to Nasssu further increasing house prices. NYC going bankrupt will not effect the private market jobs but some govt workers will be let go.
It can't go bankrupt, it is against the law and the City budget has to be balanced, which is why the Mayor has to choose which resources to cut back on.
The city workers are unionized, you think they loose their jobs? Come on. It's additional resources like Libraries open on Sundays which is on the chopping block. Less pick up days for garbage, and ect that gets cut.
That said, the City is alive and well, don't read into the news as your only source of info, first hand knowledge probably more important!!
The City may be alive but she is not well. Certainly not mentally.
To answer the OP, what is happening is that more and more New Yorkers are going to get fed up and move out the city. And one of the nearby places that they go to, especially if they have kids, is Long Island.
You can just imagine the additional pressure on the housing supply, on school budgets and on traffic. Its a sign of the total lack of public planning and concern for the QOL of its residents by NYC politicians. Unfortunately, we get hit by what they do as well.
The City may be alive but she is not well. Certainly not mentally.
To answer the OP, what is happening is that more and more New Yorkers are going to get fed up and move out the city. And one of the nearby places that they go to, especially if they have kids, is Long Island.
You can just imagine the additional pressure on the housing supply, on school budgets and on traffic. Its a sign of the total lack of public planning and concern for the QOL of its residents by NYC politicians. Unfortunately, we get hit by what they do as well.
I grew up in the city; had razor blade to my neck, gun pulled on me, asked to check my pockets frequently...even then I still walked home a night, slept on the train. Eventually the well to do leave, prices drop and the wealthy find deals and move back in, displacing those tho stayed. It is an opportunity for those with $$$.
Point is, LI'er see this and panic because your only experience with the city is like a tourist, its transactional, you rent a room and stay for a night and visit touristy locations. But NYC like any city has crime. There will be worse time and better times, but ultimately it will pass.
Not everyone has 20 years to wait for the city to recover. It’s bad now and like you said it’s going to get lot worse. The fact that most people work from home, we have an enormous amount of empty office space, do you really think NYC will ever come back to its glory years ? I don’t.
Not everyone has 20 years to wait for the city to recover. It’s bad now and like you said it’s going to get lot worse. The fact that most people work from home, we have an enormous amount of empty office space, do you really think NYC will ever come back to its glory years ? I don’t.
Have you been in there lately? Honest question.
There are buildings going up all over. The city is about 35% under for what it needs for a healthy residential rate. The city is not going anywhere.
Not everyone has 20 years to wait for the city to recover. It’s bad now and like you said it’s going to get lot worse. The fact that most people work from home, we have an enormous amount of empty office space, do you really think NYC will ever come back to its glory years ? I don’t.
you really don't know much about this topic do you?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
