New York City Comptroller Scott Stringer warned the Big Apple’s wealthy residents Tuesday they are likely to face higher taxes to cover this year’s $4.2 billion deficit resulting from state and local overspending and incompetence driving away their rich tax base.
While New York Gov. Andrew Cuomo and New York City Mayor Bill de Blasio religiously implement strict lockdowns in response to the novel Wuhan coronavirus amid a historic crime spree suffocating the city, wealthy inhabitants are fleeing in record numbers and taking their tax dollars with them. It’s leaving the crumbling urban empire with massive deficits.
Stringer told Bloomberg the burden is now on those remaining to pay up for their deserting neighbors as the city faces multiple crises at once, exhausting its already debt-laden resources.
“People of great wealth have done great in the city in the last 10 or 20 years. They should be prepared if necessary to step up, to help out as well when