From Bad to Worse
While the tensions in the city eased somewhat in the early 1970s, the financial situation worsened. Much like the opening of the Empire State Building during the Great Depression, the new World Trade Center now towered over Manhattan, a symbol of optimistic indulgence, while officials searched their pockets and the treasuries for enough money to keep the city from bankruptcy. By 1974, the Big Apple had hit rock bottom. The city was broke.
“Fear City”
From newspaper employees to garbage collectors to doctors at city hospitals, the city was on strike, angered by New York's dismal financial situation. The police, who at one point also went on strike, issued warnings to tourists to stay away from “Fear City.”
Crime was up, and the city was falling apart — literally. In 1973, a truck fell through the West Side Highway, which was sorely in need of road repair. People abandoned New York in record numbers, and real estate prices hit rock bottom.
Finally, when even the state could not bail out the city, New York turned to Washington, D.C., and asked President Ford for help. The president snubbed New York, prompting the famous Daily News headline “Ford to City: Drop Dead.”
FAST FACT
Gerald Ford was the first president to be mocked on Saturday Night Live. Chevy Chase's portrayal of the president sparked an enduring tradition of parodying national political figures. In 1976, Ron Nessen, Ford's press secretary, became the first political figure to host the show.
A Slow Comeback
The city began to put itself back on track with more responsible fiscal management. The decade ended on a somber, chilling note as John Lennon was killed outside his Central Park West home, the Dakota.
Another feisty, irreverent mayor, Ed Koch, led the city into the 1980s, and tourists returned. Financially, New York was booming again, and the city resumed its place as a center for art and music.
