Sunday, March 4, 2012

DEBT-LADEN NEW YORK CITIES STRUGGLE.(BUSINESS)

Byline: JAMES DENN Business writer

ALBANY -- Hurt by weak local economies, declining tax bases, state aid cuts and costly public employee contracts, most cities in the state are in deep financial trouble, according to a study by a major bond rating company.

According its largest study to date on the economic condition of cities in New York, Moody's Investor Service said that the 25 cities -- including four in the Capital Region -- had outstanding debts of $32.1 billion.

Many cities never rebounded from the early-1990s recession, said Moody's.

Hurt by a soft real estate market and a striking loss of population, local tax bases have been …

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