New York City started to reopen last week, already itching to reach the next phase; the local economy at last has a chance to start bouncing back. But the grim truth is that Gotham faces an existential long-term economic challenge — yet Mayor Bill de Blasio refuses to act accordingly. Yes, Hizzoner admits the city faces a fiscal crisis, with the pandemic and lockdown costing $9 billion in revenue over two years. With virus fears remaining, and recent experience showing the possibilities, many commuters may keep working from home, outside the city. Employers may move out, too — especially with looting a recent memory yet the political class focused on restricting the NYPD.

Source: The Local June 14, 2020 00:45 UTC