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New York and NYC have a very serious tax problem. They are not collecting enough revenues to pay out pensions nor pay for the free or grossly underpriced housing offered to low-income people. This problem will only get worse as more people leave NY for lower tax states.
Two simple (but sad and pitiful) solutions: 1. Cancel the pensions now. Just be honest. They won't be paid out. Sorry gov't employees. 2. Move the people who live in subsidized housing in one of the world's most expensive real estate markets out. https://www.wsj.com/articles/repair-costs-for-nycha-properties-skyrocket-to-31-8-billion-1530578440?mod=e2fb …
Re: 1. Like I said, it's sad, pathetic, and shouldn't have happened, but you have no choice. Re: 2. This is some of the most valuable real estate in the world. Sell the land to private developers and rebuild nice housing projects outside of areas like Manhattan.
2 (continued), It will create homelessness, it will be sad, and it will be painful but with the looming tax crisis it simply does not make sense to have people paying $300/month rent on land that, in aggregate, is probably worth ~500 billion.
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