We are agreeing that NYC is not at a moment of urban collapse. The processes that drives away the tax base includes policies and social and market forces that erode the city's effectiveness as a sustaining economic and social hub.

The 1960s and 1970s crisis had a lot to do with the end of NYC's industrial epoch. Suburban development and globalization eliminated manufacturing and pulled workers and residents out of the city. The recovery of NYC was bringing high-value services, retail, and tourism back along with arts and culture.

In the time since, NYC has become increasingly a luxury experience, which is indeed part of its strength but also its weakness, since it accelerates decline when people can up and leave without having roots.