New York City is facing a "financial abyss"

Dana Rubenstein's New York Times piece paints a grim picture of the city's economic outlook:

The unemployment rate in New York City is 16 percent, twice as high as the rest of the country. Personal income tax revenue is expected to drop by $2 billion this fiscal year. Only a third of hotel rooms are occupied, and apartment vacancies in Manhattan have hit a peak.

New York, more than any large city in the world, has been forced to grapple with the coronavirus outbreak's dual paths of devastation: The virus has killed 24,000 people in the city and has sapped it of hundreds of thousands of jobs and billions of dollars in tax revenue.

And even as the city has contained the spread of the virus, it has been unable to exert control over its threat to the economy.

Over the last two weeks, New York has seen a rise in Covid cases (43%) and deaths (32%). Shootings have sharply increased in 2020.