New York City Crisis - Felix Roweton

New York City was facing a huge deficit in the nineteen seventies. Wealthier people were leaving the city to go to the surrounding suburbs. This fed the sort of urban flight that many new yorkers are worried about today. The mayor at the time, abraham beam, was an accountant who understood the value of not spending beyond your means. But by 19 seventy five, the city was facing a three billion dollar shortfall and was unable to borrow any more from its creditors. Bankruptcy looked likely, if not inevitable....