New York City was on the verge of bankruptcy in 1975, less than 50 years ago.
Detroit’s population started declining as early as the 1950s as companies moved to the suburbs.
New York has a world-class, diverse economy, and I expect it to continue to be a central engine of the American and world economy for our lifetimes, but it does require good stewardship to nurture the economy.
We may be on the cusp of a reversal of the great urban migration of the last several decades, with populations moving into suburban satellite cities as remote work gains acceptance, driverless cars allow for easier commutes, logistics companies and drones allow for easy delivery of goods to your doorstep, and urban housing prices continue to relentlessly outpace wage growth.