New York’s State Comptroller has issued a report on local government finances that sounds a strong alarm. Local governments across New York State are collecting less in taxes, burning through their cash reserves and running up deficits. Differing visions emerge of where this leaves local governments, and the state: As he has in the past,…
Tag: bankruptcy
Vallejo, California, austerity model
Vallejo becomes the model for post-bankruptcy urbanism – is this the future some people would like to see in American cities?: VALLEJO, CALIF. — The first couple of years were ugly. After this working-class port city became the largest in America to declare bankruptcy in 2008, crime and prostitution surged as the police force was…
Saving a bankrupt city in Japan
Interesting piece on “Japan’s youngest mayor,” trying to “save” the bankrupt city of Yubari, Japan. Most young people have already fled this city of empty streets and shuttered schools, whose bankrupt local government collapsed under the twin burdens of debt and demographics that are slowly afflicting the rest of Japan. Now, Yubari, a former coal-mining…
More on Suffolk County
Bloomberg’s coverage of the Suffolk County financial emergency. “You never want a good fiscal crisis to go to waste,” said Lawrence Levy, executive dean of the National Center for Suburban Studies at Hofstra University in Hempstead, New York. “If Suffolk doesn’t deal with its deficit in a way that Wall Street bond raters feel adequately…
New York counties’ dire fiscal straits, the New York Post editorializes
Suffolk County’s Executive has declared a financial emergency in the county, and it’s “setting off alarm bells for the rest of the state as well” according to the New York Post. Sure, officials can always find fat to slice. (It would be disastrous to hike taxes.) But they need a boost from Cuomo & Co….