NYC mayor seeks federal aid as coronavirus costs New York $7.4 billion in lost tax revenue

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Mayor Bill de Blasio greets healthcare workers and conducts a press conference at the USTA Billie Jean King National Tennis Center, New York, April 10, 2020.

EuropaNewswire | Gado | Getty Images

The coronavirus pandemic will cost New York City a projected $7.4 billion in lost tax revenue over the current and next fiscal year after the city shuttered businesses and ordered people to stay indoors to try to contain the outbreak, Mayor Bill de Blasio said Thursday. 

“That’s today’s estimate. We don’t know what the future brings, but that’s what we know right now and that’s a horrifying figure,” de Blasio said at a press conference. 

De Blasio urged Washington lawmakers to approve $500 billion in spending in the next stimulus bill with at least $150 billion of that going toward states, cities and local municipalities. That would help plug holes in budgets devastated by the government quarantines and help fund needed services, including police, fire and emergency response. 

De Blasio said Congress should direct $100 billion to hospitals and health-care workers and $250 billion to small businesses and paycheck protection for workers, de Blasio said. 

“The federal government was very quick to bail out the banks a decade ago no questions asked. The federal government was very quick to bail out the auto industry,” de Blasio said. “How about bailing out the nation’s largest city? How about bailing out the epicenter of this crisis where people are suffering?” 

The coronavirus has infected more than 118,300 people in New York City, including 10,899 deaths, according to data compiled by Johns Hopkins University. The New York metropolitan area is suffering from the worst outbreak in the U.S. 

This is a developing story. Check back here for updates.

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