Larger cities are experiencing the same problems, but the real loss is not simply municipal deficits, it is the loss of the metropolitan region to brand itself and develop a forward thinking economic development strategy.
"The economic development strategy was wrong.
"Paterson is looking at the money as part of an economic development strategy.
And city mayors see home ownership as an economic development strategy, unlike public housing".
It hired a consulting firm to devise an economic development strategy.
At the same time, Mayor Bloomberg is moving full steam ahead with his five-borough economic development strategy.
"There needs to be a focused economic development strategy that includes the creation of new jobs up and down the economic spectrum".
"The city has never had a clear economic development strategy," said Kathryn S. Wylde, president of the Partnership for New York City, a business group.
Such an arrangement would enable us to develop a more coherent approach to our national infrastructure planning, and integrate the airport into our wider economic development strategy.
"More New Yorkers have jobs today than ever before, a clear sign our five-borough economic development strategy is working," Mayor Michael R. Bloomberg said in a statement.
The 2011 Localism Act, designed to increase local decision-making, gave it the freedom to expand its existing economic development strategy.
