New York may look like it’s booming, but the city’s finances are skating on thin ice, according to a report.
The Fiscal Times put out a list of America’s large cities ranked by their fiscal stability — and New York came in ahead of only troubled Chicago.
The Big Apple finished 115th on the list — even though revenue grew from $60 billion in 2009 to $81 billion in 2015 — because so much of its growth is dependent on a surging stock market and skyrocketing real-estate prices.
Because the city has been spending so much, including on pensions, and has so much debt, a downturn could be disastrous.
“A bear market could place the city in jeopardy,” the report said.
The top city in the US was Irvine, Calif.