NY City economy used to be very diversified. It now survives solely because of printed FED money and the resulting Wall Street earnings and taxes.
All it will take is an extended 20% bear-market to knock this city completely off its moorings.
And you can bet there will be another Federal bailout of NYC.
It would have to be a worldwide bear market.There are five major cities...London,Hong Kong,Singapore,Dubai and New York....that attract breathtaking sums of money from all over the world.Every Saudi prince,every Hong Kong factory owner,wants a place (or five) in London or Manhattan.I was just in Dubai,for example,a few months ago.You wouldn't believe the money...from near and far...that you'll find in that city.And Manhattan's no different.