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NEW YORK CITY-The bankruptcy filing by the City of Detroit was inevitable considering its shrinking population and tax base; large swaths of land throughout the city abandoned; many homes, businesses and infrastructure in various states of collapse; and elected officials governing by attempting to solve structural problems with short term solutions. In contrast, we are witnessing a growing population and a tremendous appreciation in New York real estate values, which has become a magnet for money and people from all over the world. It is a very different New York than what we lived through in the 1970s.

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