Is New York City heading for another 1970s/1980s-esque crash?

[LBJ Revivalist]

I've read about a state budget crisis, corruption and the fact that rich people are ''fleeing'' New York City. I was wondering if anyone thinks NYC will return to the state it was in the 1970s-1990 (Dirty, dangerous, nearing poverty, sleazy with lots of crime, murder and corruption)?

The city was going downhill and was pretty much bankrupt in 1975 but 15 years later, while financially better, it was still horrible--the murder rate for 1990 alone was over 2200, the highest ever recorded before or since.

[Obnoxiously Slutty Girly Girl]

Inevitably NYC is heading for economic ruin.

I don't think we'll quite reach 70s/80s-levels of seediness and crime yet, if only because Giuliani and Bloomberg have thoroughly entrenched the police state mentality. That will only hold for so long, however...

[Verily]

Not even close. New York City is doing better than it ever has right now, crime is at an all-time low and still falling, and corruption is also at probably an all-time low (not sure what that says for NYC, but no one is going to argue that things were less corrupt in 1870 or 1920 or 1960). Redevelopment of decayed neighborhoods continues apace, and the population is growing faster than any other major city outside of the Sun Belt (and possibly than any major city outside of Texas these days).

Also, the "Rich people fleeing NYC" meme is an old and recycled one. Studies performed by the Chamber of Commerce (basically, the CEO lobby) come out every few years showing massive flight by the wealthy. If anything they claimed were actually true, the Upper East Side population would have gone into negative numbers years ago.

[Eraserhead]

Verily is essentially correct. I say this as someone who was pulling for Thompson in the mayoral race because it would have been good for the arts.

[LBJ Revivalist]

I'm actually rather sad that it won't go downhill, because the seediness of NYC  brought out a whole ''tough'' New Yorker mentality and made things a lot cheaper (houses, for example). A house in my neighborhood that would've cost say $200,000 in 1990 or 1996, would cost nearly $1 million now.

[paul718]

I'm actually rather sad that it won't go downhill, because the seediness of NYC  brought out a whole ''tough'' New Yorker mentality and made things a lot cheaper (houses, for example). A house in my neighborhood that would've cost say $200,000 in 1990 or 1996, would cost nearly $1 million now.

Where do you live?  Houses in my neighborhood have seen similar increases, but I think it has more to do with commensurate appreciation of homes in general, plus improvements in public transportation.  Crime in my neighborhood hasn't really changed much since the '80s (it's always been low). 

Regardless, I don't think a lower mortgage payment is worth a return to New York's former seediness.  But that's just me.

[opebo]

Inevitably NYC is heading for economic ruin.

What utter nonsense.  I realize your right-wing fantasy requires this, based equally on economics and racism, but the fact is that NYC is one of the few parts of America that is unlikely to crash - it is a world class center of the global elite.

[Obnoxiously Slutty Girly Girl]

Inevitably NYC is heading for economic ruin.

What utter nonsense.  I realize your right-wing fantasy requires this, based equally on economics and racism, but the fact is that NYC is one of the few parts of America that is unlikely to crash - it is a world class center of the global elite.

LOL

[Free Trade is managed by the invisible hand.]

Inevitably NYC is heading for economic ruin.

What utter nonsense.  I realize your right-wing fantasy requires this, based equally on economics and racism, but the fact is that NYC is one of the few parts of America that is unlikely to crash - it is a world class center of the global elite.

New York is a great state, and i am guessing that it is the economic hub of our country. Urban decay is always a reoccurring possibility,but idc.

[memphis]

NYC could have really been up a creek if not for all the bailoutss. They got theirs. They're doing fine. New York will remain ridiculously unaffordable.