Comment by ibn-python

I generally agree that this is probably the fate for many American cities, but NYC seems to be in a league of its own compared to the other cities in North America. I feel like a better comparison is something like London, Rome, Mumbai, Beijing. These are cultural epicenters that are more resilient (but not immune) to economic downturns. Yes things might get tough for a bit but they're the place you want a multi bullion dollar investment to live when the goings get tough.