State Oversight: The New York Approach
Note 2012-02, March 2012
As Detroit and Michigan officials work to resolve the financial crisis facing this state’s largest city, it may be instructive to revisit a similar situation: the 1975 financial crisis in New York City. Comparing the factors that led to the crisis, the negotiations, and the structure that was put in place to resolve the crisis and place New York City firmly on the road to financial recovery and sound budgeting and financial management may help in assessing the state’s efforts to ensure a viable future for Detroit.