The Rotting Core of New York: A Critique of Urban Decay

Strategic Insights -

New York City is a stark example of urban decay, according to Robert Fitch's scathing critique in "The Assassination Of New York." This polemic reveals a city where the wealthy thrive, while the middle and lower classes struggle to survive. Fitch, a Chicago writer who adopted New York as his home, marshaled hundreds of official and private documents to expose the city's downfall. The result is a mass of startlingly contradictory facts about New York's economy, politics, and social structures.

Key Takeaways:

  • New York City is plagued by high unemployment, with four out of five teenagers out of work and nine out of 10 black youths jobless. (Source: Fitch, 1994)
  • Real estate prices skyrocketed in the 1990s, with a 20-fold increase in property values in just one generation. (Source: Fitch, 1994)
  • The city's average salary is $100,000, but the top 6.7% of Manhattanites earn more than 50% of the city's total earnings, an average of $350,000. (Source: Fitch, 1994)
  • The city's speculative economy relies heavily on real estate and finance, with 65 million square feet of office space remaining empty. (Source: Fitch, 1994)
  • Fitch argues that the city's failure to diversify its economy has led to the closure of ports, freight-rail systems, and factories. (Source: Fitch, 1994)
  • The Rockefeller family is criticized for its role in the city's decline, with Fitch accusing them of profiting from the city's development and selling off prime midtown sites to the Japanese for $3 billion. (Source: Fitch, 1994)
  • Fitch advocates for tax reforms aimed at reducing subsidies for big business and increasing benefits for the average New Yorker. (Source: Fitch, 1994)
  • Despite the book's pessimistic tone, Fitch offers a blueprint for New York's recovery, calling for a return to a diverse economy that prioritizes community development and social welfare. (Source: Fitch, 1994)

Statistics:

  • 4 out of 5 teenagers are out of work in New York City. (Source: Fitch, 1994)
  • 9 out of 10 black youths are jobless in New York City. (Source: Fitch, 1994)
  • 15,000 jobs disappeared in New York City in 1992. (Source: Fitch, 1994)
  • Real estate prices rose 20-fold in one generation in New York City. (Source: Fitch, 1994)
  • 65 million square feet of office space remain empty in New York City. (Source: Fitch, 1994)
  • The average salary in New York City is $100,000. (Source: Fitch, 1994)
  • The top 6.7% of Manhattanites earn more than 50% of the city's total earnings, an average of $350,000. (Source: Fitch, 1994)
  • The Rockefeller family sold off prime midtown sites to the Japanese for $3 billion. (Source: Fitch, 1994)
  • The city's financial sector collectively earned $45 billion in 1993. (Source: Fitch, 1994)

Sources:

  • Fitch, R. (1994, March 20). The Assassination of New York by Robert Fitch. The Sunday Times.