New York City fiscal crisis

E31372

financial crisis historical event urban fiscal crisis

The New York City fiscal crisis was a mid-1970s financial emergency in which the city nearly went bankrupt, prompting drastic budget cuts, federal intervention, and long-lasting changes to urban governance and public services.

Statements (41)

Predicate	Object
instanceOf	financial crisis ⓘ historical event ⓘ urban fiscal crisis ⓘ
country	United States of America ⓘ surface form: United States
describedBySource	accounts of 1970s urban decline in the United States ⓘ historical studies of New York City governance ⓘ
endTime	late 1970s ⓘ
followedBy	balanced-budget requirements for New York City ⓘ limits on New York City short-term borrowing ⓘ tighter state oversight of New York City finances ⓘ
hasCause	chronic budget deficits ⓘ declining tax base ⓘ economic downturn in the 1970s ⓘ reliance on short-term debt ⓘ rising public service costs ⓘ
hasEffect	constraints on municipal borrowing ⓘ creation of new fiscal oversight institutions ⓘ cuts to sanitation services ⓘ decline in quality of life indicators in New York City ⓘ drastic budget cuts ⓘ fare increases for public transit ⓘ federal intervention ⓘ layoffs of public employees ⓘ long-term changes in urban governance ⓘ near-bankruptcy of New York City ⓘ reduction in police and fire services ⓘ reductions in public services ⓘ school and hospital closures ⓘ wage freezes for city workers ⓘ
location	New York City ⓘ
mainSubject	federal–local relations in the United States ⓘ municipal finance ⓘ public budgeting ⓘ urban governance ⓘ
significantEvent	creation of the Emergency Financial Control Board ⓘ creation of the Municipal Assistance Corporation ⓘ federal loan guarantees to New York City ⓘ imposition of austerity measures ⓘ introduction of multi-year financial planning for New York City ⓘ negotiations with labor unions over wage and pension concessions ⓘ
startTime	1975 ⓘ

Referenced by (1)

Full triples — surface form annotated when it differs from this entity's canonical label.

Gerald Ford administration → majorEvent → New York City fiscal crisis ⓘ