Municipal governments across the United States are looking to rein in spending as pandemic-era stimulus dries up and inflation lingers for longer than expected.
The group issued a AA investment grade general obligation bond rating for New York City in March 2024.
The financial challenges within cities appear to be mounting despite high municipal credit ratings and robust demand for urban commodities like housing.
"I think we can all agree that we're broke," said Houston Mayor John Whitmire in a March 2024 City Council budget hearing.
Meanwhile, in the case of New York City, leaders remain optimistic about future returns.
Persons:
Michael Rinaldi, Brad Lander, Sheila Weinberg, we're, Houston Mayor John Whitmire, Weinberg, We've, Lander, Eric Adams, Rinaldi, Adams
Organizations:
Fitch, AA, New, Truth, University of Denver, New York, Apple, Houston Mayor, Accounting, CNBC, Lander
Locations:
United States, U.S, New York City, Chicago, Houston, Portland , Oregon, New York