New York Can Come Back to Life the Same Way It Always Does
With no rescue from Congress in sight, the city should fall back on a public-private bond-issuing program.
A beacon to all sorts of creative and hardworking people.
Photographer: Johannes Eisele/AFP via Getty Images
The great big city’s a wondrous toy
Just made for a girl and boy —
We’ll turn Manhattan
Into an isle of joy.
— Lorenz Hart
This is the second of two columns. The first can be found here.
A great American city is in peril, and not just any city. It’s the most populous city in the U.S. It’s one of the cultural, financial and media capitals of the world. It boasts the largest subway system on the planet, with close to 500 stations. It’s the centerpiece of a metropolitan region that’s home to more restaurants, theaters, colleges and universities, and Fortune 500 companies than anyplace else in the U.S. And it accounts for more than 8% of the country’s economic output, nearly double the second most productive city.
When Covid-19 struck in March, much of that activity came to a halt. The nearly two million visitors and commuters who once poured into the city every day vanished, and residents took cover. Some fled. Businesses lost their patrons, and City Hall lost crucial tax revenue to pay for essential services. All this is taking a noticeable, possibly escalating, toll on the economy and quality of life across the five boroughs.