NYC at the Abyss: Use the Financial Control Board
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. City revenues are plunging, particularly sales tax revenue. Only 10% of Manhattan...
Published:10/13/2020 8:54:08 AM