DiNapoli to NYC: Don’t borrow to cover day-to-day costs
Since March, thousands of small businesses in New York City have been shuttered while New Yorkers, unemployed because of the coronavirus pandemic, have struggled to find work. Meanwhile, the city is facing a budget gap next year that could reach $4 billion. Mayor Bill de Blasio’s administration has asked the state legislature for permission to take out loans to cover the shortfall and avoid one of the worst financial crises in the city’s history. However, a recent report released by State Comptr...