The economic crisis of the past year has done more damage to the Lower Manhattan economy than the 9/11 terrorist attacks–at least in the long term–according to city officials.
“The economic cost of this downturn is many multiples of the losses of 9/11,” says Kathryn Wylde, chief executive of the Partnership for New York City told Crain’s New York Business. “It’s just that you can’t see them; they are not physical yet.”
The paper reports that while only 12% of the city’s jobs are in financial services, insurance and real estate, “nearly a third of the employees below Chambers Street are tied to those industries. The three biggest employers downtown—AIG, Merrill Lynch and Goldman Sachs—occupy 13% of the commercial real estate there.”