Interesting initiative by the Boston Federal Reserve, making grants to small- and mid-sized distressed cities in Massachusetts. It’s called the Working Cities Challenge, funneling money from private donors to cities based on an application process. I think the headline “community organizer” is a bit of a misnomer, I’m not sure how I would characterize this…
Category: Cities
Bailing on Detroit – Jamie Peck
Jamie Peck, Geography professor at The University of British Columbia, has written quite a bit about neoliberalism, what he calls “austerity urbanism” and the ongoing saga of Detroit’s finances. He has an insightful blog post on how terms like bailout, responsibility, and federalism are serving to seal Detroit’s fate as a sinking ship, forced to…
Chicago’s Credit Rating Downgraded by Moody’s – NYTimes.com
The pension battle in Chicago and Illinois will be fueled by Moody’s latest announcement: Moody’s Investors Service downgraded Chicago’s credit rating, citing the city’s unfunded pension liabilities. The agency announced Tuesday it was lowering the rating on $8.3 billion in debt to Baa1, from A3, putting it only three notches above junk status. Moody’s gave Chicago a negative…
Detroit Ruin, quantified
So many articles (and a dissertation) to write about Detroit, so little time. Meanwhile, the New York Times’ Monica Davey keeps on writing about the struggling city, with a piece today about “Detroit Ruin.” The city is building a database, with pictures, of Detroit’s abandoned properties. Everyone here has long known that Detroit is plagued by…
Pensions for city workers can’t be cut, but pay can, judge rules in major San Jose case – San Jose Mercury News
The fate of San Jose’s pension reforms remains unclear after a recent court decision. SAN JOSE — In a landmark ruling that could help shape city budgets around the state, a judge invalidated key parts of San Jose’s voter-approved pension cuts but upheld other elements that could still save huge taxpayer costs. Santa Clara County…