The City of Miami is planning for a $19 million shortfall thanks to the coronavirus pandemic:
Miami’s city government is proposing a hiring freeze, postponing asphalt repairs at the Miami Marine Stadium and trimming budgets across all municipal departments to address a projected $19 million shortfall stemming from the COVID-19 pandemic. https://t.co/bldhPgiVP9
— Miami Herald (@MiamiHerald) May 27, 2020
New York City, however, is planning on a $9 billion deficit over the next two years:
"This week I asked the state of New York to give us a fall back,"@NYCMayor says now. NYC asked the State to let it borrow after 9/11.
Now the city is looking at a $9 billion dollar hole across two fiscal years.
The city's budget is due at the end of June.
— Gloria Pazmino (@GloriaPazmino) May 27, 2020
Mayor de Blasio’s estimate has grown by $1.5 billion since his last estimate:
Mayor de Blasio warns that NYC is facing an increasingly dire fiscal situation amid the coronavirus crisis and pleaded with the state and federal governments for urgent help.
NYC faces a $9B budget gap, up 20% from its previous estimate of $7.5B.https://t.co/if8ywqRKwH
— New York Daily News (@NYDailyNews) May 27, 2020
New York City councilman Joe Borelli crunched the numbers to give us an apples to apples comparison (and this is before the $9 billion estimate):
By comparison, de Blasio is spending more on #Covid consultants than the entire covid budget deficit in the city of Miami. Adjusted for pop, Miami’s deficit would be just $323m if it had same pop as NYC. That’s 96% less than our $7.9b estimate. https://t.co/vuStBIAD9W
— Joe Borelli (@JoeBorelliNYC) May 27, 2020
Politically speaking, Florida should recover much quicker than New York, and that has major political implications:
Miami vs. NYC: a $19 million shortfall? that's like a rounding error to de Blasio. The recovery in Florida will look much, much different than the recovery everywhere else. https://t.co/QBUdkSxV2z
— Greg Pollowitz (@GPollowitz) May 27, 2020