New York is the example America should not follow
New York City is becoming an economic basket case.
"'We're at war': New York City Faces a Financial Abyss," screams a New York Times headline.
New York City's unemployment rate stands at 16%, double the nation's average.
Yet, even in the midst of a "financial abyss," the animosity of New York's liberal elite remains undeterred in its hostility toward free enterprise and entrepreneurship, the pillars of job creation and economic recovery.
In a latest example, commercial real estate development firms have pulled out of a proposed project, Industry City, that was estimated to bring 20,000 jobs and $100 million in tax revenue to New York City. After several years of fighting opposition to get approval for rezoning that would have made the project possible, they threw in the towel.
The project was slated to bring "a million square feet of commercial, retail and community space," according to Spectrum News NY1.
The Brooklyn neighborhood where the development would have been located, Sunset Park, has a poverty rate of 29%, per 2018 statistics.
But liberal disdain for capitalism far exceeds alleged concerns about poverty.
The city council member who represents the district and led the fight against the project, Carlos Menchaca, celebrated the announcement of its demise.
"What the community wants is not a private developer with private money to come in and bail out a neighborhood," he said. "They really want the city of New York to come in and say we're gonna bring capital infrastructure funding to bring in the Green New Deal at a city level, to really bring jobs that are connected to our community and in the community's vision."