Bill de Blasio: We Must Redistribute The Wealth Of New York City

“We’re going to work constantly for a fairer economy, and that means we must tax the wealthy and we must redistribute the wealth of this city to those who do the work,” New York City Mayor Bill de Blasio said his final “State of the City” address. “Even during the height of the pandemic, we saw the stock market boom. We saw 120 New York billionaires grow their net worth by $77 billion.”

Mayor de Blasio warned that the city is facing major budget cuts and layoffs due to projected decline in property tax revenues which are projected to decline by $2.5 billion next year, mostly due to a drop in the value of office buildings and hotel properties that have emptied out during the pandemic.

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Despite New York’s economic downturn and rapid rise in crime rate which is driving its residents out of the city, an out of touch de Blasio again focused his last speech on redistributing the wealth. The question is “whose wealth?” When everyone seem to be heading out?

“There is clearly enough money in New York to invest in a fair and fast recovery — it’s just in the wrong hands,” he said.