The mass exodus of wealthier people from dense cities such as New York and will be a catastrophe for the cities if it keeps up. It will also be a disaster for the suburbs to which these affluent refugees are moving.The escape of upper-middle and higher earners is “similar to the rush to grab toilet paper and people grabbing the biggest [house] they can find,” Sotheby’s real-estate agent Kevin McDonald told The Wall Street Journal. And emerging data back up the anecdotes. FlatRate Moving tells the Journal that “moves from New York City to Connecticut have more than doubled from the prior...…The mass exodus of wealthier people from dense cities such as New York and will be a catastrophe for the cities if it keeps up. It will also be a disaster for the suburbs to which these affluent refugees are moving.The escape of upper-middle and higher earners is “similar to the rush to grab toilet paper and people grabbing the biggest [house] they can find,” Sotheby’s real-estate agent Kevin McDonald told The Wall Street Journal. And emerging data back up the anecdotes. FlatRate Moving tells the Journal that “moves from New York City to Connecticut have more than doubled from the prior...WW…

A long-simmering uneasiness between densely populated Democratic states and more sprawling Republican states has turned into open contempt, with national Republicans refusing more aid for cash-strapped states, and local and state Democrats seeing anything less than 100 percent funding as a betrayal. As New York, New Jersey, Michigan and Illinois, in particular, struggle with the economic consequences of locking down their states to contain COVID-19, some national Republicans are pointing to them as parables of Democratic profligacy with that “all the states that need help, they’re run...…A long-simmering uneasiness between densely populated Democratic states and more sprawling Republican states has turned into open contempt, with national Republicans refusing more aid for cash-strapped states, and local and state Democrats seeing anything less than 100 percent funding as a betrayal. As New York, New Jersey, Michigan and Illinois, in particular, struggle with the economic consequences of locking down their states to contain COVID-19, some national Republicans are pointing to them as parables of Democratic profligacy with that “all the states that need help, they’re run...WW…

Last week, the Moody’s agency slashed the credit rating on New York City’s debt. Just like with your credit score, the lower it goes, the higher an interest rate the city pays, putting us further in the hole.Gotham owes $116.1 billion in various types of debt. Of that total, Moody’s action covers $39 billion in “general-obligation” bonds — those secured by the city’s full faith, backed up by the city’s pledge to raise property taxes to whatever level needed.As Bloomberg News notes, the city hasn’t suffered a Moody’s downgrade since the Dinkins days.The cut already has had an impact on...…Last week, the Moody’s agency slashed the credit rating on New York City’s debt. Just like with your credit score, the lower it goes, the higher an interest rate the city pays, putting us further in the hole.Gotham owes $116.1 billion in various types of debt. Of that total, Moody’s action covers $39 billion in “general-obligation” bonds — those secured by the city’s full faith, backed up by the city’s pledge to raise property taxes to whatever level needed.As Bloomberg News notes, the city hasn’t suffered a Moody’s downgrade since the Dinkins days.The cut already has had an impact on...WW…

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