From NYC to San Francisco, Idled America Brings Fiscal Hit
- Munis extend biggest drop in three decades on virus fears
- Size, speed of pandemic make impacts harder to predict: MMA
Empty cable cars stand on California Street in San Francisco on March. 16.
Photographer: David Paul Morris/BloombergIn New York City, the virtual shutdown from the coronavirus pandemic is threatening to create massive holes in the budget as billions of dollars in tax revenue disappears. On the other side of the country, the stock market crash may imperil much of the savings California socked away during the economic expansion that now seems poised to end.
Public transportation systems from New Jersey to San Francisco are swiftly losing riders -- and their fare dollars. Airports are seeing fee revenue tumble, as are museums and darkened stadiums. Major financial hits are also being dealt to agencies like Chicago’s Metropolitan Pier and Exposition Authority, which runs the nation’s biggest center for conventions -- another business that has disappeared virtually overnight.