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| Why NYC could benefit from municipal bankruptcy (1981370) | |||
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Why NYC could benefit from municipal bankruptcy |
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Posted by Peter Rosa on Fri Apr 26 16:27:06 2024 Much sooner than later NYC will be taking a metaphorical sledgehammer to the face when - not if - the commercial real estate market collapses. Sure, it was an idiotic thing for the city to have an eggs-in-one-basket economy hugely dependent on people commuting to Manhattan offices, but no one can change that.Going forward, when things get bad, municipal bankruptcy just might be the solution. Not just be shedding debt, though that would be a benefit, but by taking control of the government away from the voters, who have proven their incompetence, and putting in the hands of bankruptcy trustees who are beholden to no one. The trustees would be able to make unpopular, even hated, decisions that would be immensely beneficial in the long run. Things like slashing spending, including cuts to the overstaffed NYPD and FDNY; breaking the stranglehold of the municipal unions; and vastly changing or even elimination zoning so that factories can pop up. Short term pain, long term gain. |
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