After a week of tariff-driven ups-and-downs in the financial markets, New York City’s economy may soon start feeling woozy.
The longtime finance capital stands to lose more than just luster in a rapidly de-globalizing world: Billions in city tax revenue and thousands of jobs are on the line.
Greater uncertainty will make foreign and domestic companies more risk-averse, turning them away from dealmaking.
Fewer buyouts and mergers mean leaner times — and not just for investment bankers and hedge fund tycoons.
It may be hard to pity an industry whose members in the city get bonuses averaging $244,000, but New York runs on Wall Street.
Besides generating 20% of Gotham’s total income, finance funds a big chunk of the city’s essential services and safety net.
Continue reading the entire piece here at the New York Post
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John Ketcham is a fellow at the Manhattan Institute.