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This is made complicated because before cities go bankrupt they try to stay alive in ways that cause people and industry to leave (such as reducing school fundi
by adgjlsfhk1 4y ago
This is made complicated because before cities go bankrupt they try to stay alive in ways that cause people and industry to leave (such as reducing school funding, reducing road maintenance, raising taxes, etc). As such, by the time the city goes bankrupt there will be other things to point to, but the underlying failure was that the city ran out of money and was trying to work around that.
- Ekaros 4y agoAnd really what does bankruptcy mean for a city? It doesn't meet it's liabilities. It probably has some assets so those will be seized. That really doesn't extend to any property owned by others.
- adgjlsfhk1 4y agoit means that school budgets get slashed, public transit is greatly reduced, road maintenance stops etc.
- throw0101a 4y agoFrom 2008, "What Happens When City Hall Goes Bankrupt?": * https://www.npr.org/templates/story/story.php?storyId=60740288 https://www.npr.org/templates/story/story.php?storyId=607402...