New York may look like it’s booming, but the city’s finances are skating on thin ice, according to a report.The Fiscal Times put out a list of America’s large cities ranked by their fiscal stability — and New York came in ahead of only troubled Chicago.The Big Apple finished 115th on the list — even though revenue grew from $60 billion in 2009 to $81 billion in 2015 — because so much of its growth is dependent on a surging stock market and skyrocketing real-estate prices.Because the city has been spending so much, including on pensions, and has so much debt, a downturn could be disastrous.“A bear market could place the city in jeopardy,” the report said.The top city in the US was Irvine, Calif.
New York may look like it’s booming, but the city’s finances are skating on thin ice, according to a report.The Fiscal Times put out a list of America’s large cities ranked by their fiscal stability — and New York came in ahead of only troubled Chicago.The Big Apple finished 115th on the list — even though revenue grew from $60 billion in 2009 to $81 billion in 2015 — because so much of its growth is dependent on a surging stock market and skyrocketing real-estate prices.Because the city has been spending so much, including on pensions, and has so much debt, a downturn could be disastrous.“A bear market could place the city in jeopardy,” the report said.The top city in the US was Irvine, Calif.