Yes and no. It's a commuter city, but also a residential city. While the downtown business core is quiet without a couple million people flowing in and out daily, it still has a million people there doing business any given day. The article is misleading.
However, there are a lot of lost business taxes that disappeared. Time for the city government to stop wasteful spending, because there aren't many dollars left to waste. Huge debts will require cutbacks in departments (hopefully not in the sanitation department).