‘We’re at War’: New York City Faces a Financial Abyss (New York Times)

New York Times: ‘We’re at War’: New York City Faces a Financial Abyss. “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.”

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