New York City has lost an estimated $9 billion in revenue due to the coronavirus pandemic, Mayor Bill de Blasio said on Monday. He added that the city projects more losses beyond next fiscal year as a result of shutdowns meant to quell the virus spread.
Watch the mayor’s remarks in the video player above.
“There is literally no way that we can solve this problem without federal help, or without having to make very, very painful choices that will affect the quality of life in this city, our ability to provide basic services and how many people we’re able to employ to support you in the middle of a pandemic,” de Blasio said in a Wednesday news conference.
De Blasio said he asked the state of New York this week for a “safety net” to have the authority to borrow money to cover the losses as a “last resort” if the federal government does not provide more assistance.
State Sen. Liz Krueger introduced a bill on Monday that would provide additional bonds to the city’s Transitional Finance Authority to make up for the projected loss, an action previously taken after the September 11 terrorist attacks.