From Houston to New York, America’s Muni Finances Are in Tatters.

In Dayton, Ohio, Mayor Nan Whaley has furloughed a quarter of the city’s workforce and is warning that more cuts may follow. In Baltimore, which has one of the highest murder rates in the nation, Mayor Bernard Young is negotiating layoffs with the police union. And in Houston, Mayor Sylvester Turner is deferring all five police cadet classes.

New York’s governor, Andrew Cuomo, may have only been referring to his state when he declared on national television in March that “we are broke,” but he was, in a broader sense, speaking for the vast bulk of city and county and state governments in America.

Never before have U.S. municipalities been hit so hard or so quickly or in so many different ways as they are right now by the coronavirus pandemic.

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Bloomberg Markets

By Amanda Albright, Danielle Moran, and Fola Akinnibi

May 2, 2020, 6:00 AM PDT



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