New York Eyes Summer as Chance to Stem ‘Potential Fiscal Crisis’

A pandemic plunge in Manhattan’s real estate tax revenue threatens New York City’s ability to finance everything from schools and hospitals to firefighters and police unless office workers return in force starting this summer, officials are warning.

“We have to bring back the city this year,” Mayor Bill de Blasio said at a briefing late last month to unveil his $98.6 billion budget aimed at creating 400,000 jobs, spending millions on investments, and bringing back tourists. “It’s not optional. This is the recovery moment.”

Workers fled cities last year at the height of the pandemic, triggering a plummet in ...