New York City financial Crisis | New York city | This Week | 1975

With New York Cities finances in crisis, what can be done to prevent the city that never sleeps going bankrupt. The only answer appears to be cuts to services and more hardship to the tax payer.
Reporter: Peter Taylor
13/11/1975
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Quote: VT12344

[@ericponce8740]

After WW 2, when people left NYC to the suburbs, the tax base decreased, but NYC Government kept spending like the money never left. (The population of NYC decreased 10.5% between 1970 and 1980.)

[@ericponce8740]

Those people who bought NYC bonds did very well financially in the long run.

[@OstfrontElfgirl]

This was amazing-great glimpse of the fiscal crisis of the mid-70's in NYC, Thanks for sharing. This is my favorite era in NYC history so I enjoyed this very much!

[@heliopolis]

The days when the UK still considered a billion to be a million million. How quaint.

[@Blank-km4qr]

A thousand million you mean

[@jdee3421]

@@Blank-km4qr In the UK, they used to call a thousand million "a thousand million". They would call a million million "a billion". Now they're like the US (thousand million = "billion", million million = "trillion").

[@CarlosMendez003]

I was born in NYC in 1975 to Puerto Rican parents that came to the mainland seeking a better life. Luckily we left NYC by late 1977 and settled in Connecticut like thousands of others around that time. thank you for posting.

[@syedadeelhussain2691]

good for economic historians! thanks for posting this.

[@sedecim]

As a New Yorker who grew up around this period, I still haven't understood why this happened. There must have been wide spread corruption within in the whole system but I have not heard who and why yet.

[@KSmall109CAB]

Felix Rohatyn died in 2019. Interesting to see a young Donna Shalala and a young Carl McCall.

[@raygordonteacheschess5501]

They could have mortgaged Central Park, worth $200 billion at the time (now $1.2 trillion). Roosevelt Island is also worth a fortune.

[@KSmall109CAB]

A fascinating and scary look back. In some ways the near-default of New York City served as a model for the financial management of cities near or in default in subsequent years, e.g., Detroit.

[@jeremybear573]

This is a great story. Very nostalgic

[@maureenobrien4807]

Silent Weapons for Quiet Wars..

[@richardalvarado-ik9br]

damm two black bears on his forehead

[@raygordonteacheschess5501]

Rent-regulation also costs the city a fortune since low-income people pay lower taxes. As it was, the city recovered swiftly under Koch, and by 1981 had reentered the bond market.

[@dickymclorin1191]

Can you explain that in more detail?

[@raygordonteacheschess5501]

@@dickymclorin1191 I have a friend growing up who had a rent-controlled apartment that was 365 a month in 1991. Now it's maybe 550 a month. He can pay his bills by working three or four days a month as a waiter. If that were a market apartment someone making 10x that would be there, paying more taxes. Multiply that by two million apartments.

[@TempoLOOKING]

​@@raygordonteacheschess5501any videos on that

[@scottm8579]

The accountants weren't the problem. They were told to lie or they'd be fired. That politician (@8:00) talking about how he expected taxes to pay for all of the city govt spending. Sick loser.

[@tonymaiullo2674]

It's allot like watching a food commercial for McDonalds

[@kev9617]

0:55 jfc that’s an analogy

[@meg7915]

Anyone find it odd that they say "3000 million dollars" instead of saying $3 billion?

[@maureenobrien4807]

It was ENRON,'S fault!

[@tonymaiullo2674]

I'm laughing at the way these 1975 people wore their eyebrows

[@ytcarol]

Ha, true, and your expression "wore their eyebrows" cracks me up!

[@jdee3421]

That one guy's right eyebrow had its own eyebrows.

[@paulgaskins7713]

18:09 I’m getting a strong ‘I want to slash my wrists’ vibe from this guy.

[@paulgaskins7713]

18:54 ahh the good ol days, When a billy club and a six shooter was all you needed to clean up the streets.

[@raygordonteacheschess5501]

I lived through this. The city was in crap condition but it functioned...barely.

[@cbrath01]

Here, for a glimpse into what could possibly happen again...2020 = 1975 in NYC again

[@pjuice2000]

everyone's like keep printing money it doesn't matter right tyler? i don't understand this misunderstanding of monetary policy do you?

[@ytcarol]

Where is that hour-long vid of the Commissioners respectfully questioning a young Donald Trump on his expert advice for economic recovery?

[@pastexpiry2013B]

0:51 HOTTIE ALERT!

[@tonymaiullo2674]

1975 Economists are the original micro managers

[@banjobongo9175]

It’s so unfortunate that NYC keeps having financial issues. It’s what happens when you write checks that your..... sincerely, responsible southern states. And no, we don’t feel bad that you all can’t exploit SALT anymore.

[@paulgaskins7713]

1:09 tf did he just say…

[@ryandarko2115]

This will happen again 2022 is horrible

[@maureenobrien4807]

PLANNED CULLING.

[@mattt198654321]

10:15 Democrat voters never change, do they

[@TempoLOOKING]

Nope.

[@maureenobrien4807]

Because paying their fair share of taxes...is not Nazi America otherwise.