Wall Street’s Banner Year Cushions Blow to New York City Budget
- Tax-collections surpass forecasts by nearly $1 billion so far
- Bondholders demand little yield penalty before Wednesday sale
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New York City’s storefronts are peppered with “for rent” signs. Broadway’s lights have been dimmed for nine months. And Mayor Bill de Blasio says New Yorkers should be prepared for the possibility of a full shutdown to contain the spread of the coronavirus.
Yet the grim streetscape isn’t dealing as large a financial hit to the city as one might expect, thanks to Wall Street.