August 03, 2009

New York City is reeling from the Crash of 2008. Unemployment in the city has increased from 5.1 percent in May 2008 to 8.9 percent in May 2009. New York City's Independent Budget Office predicts a substantial decline in employment and revenue for the next three fiscal years.

The Bloomberg boom has become the Bloomberg bust, and it may be with us for the next several years. Furthermore, as the city recovers it seems unrealistic to expect that the finance sector, the city's economic driver, will soon regain its full luster.