Larry Fink, the CEO of BlackRock Inc., warned policymakers in New York City on Monday that crime, cleanliness and a shortage of quality schools have significantly undermined the city’s attractiveness to businesses.
“The city is on the verge of losing a lot of companies,” the 72-year-old Fink said during a candid conversation hosted by the Economic Club of New York on Monday.
“I don’t believe the city has the vitality that it did before.”
Fink, who first arrived in New York during the rough-and-tumble 1970s when it was plagued by an economic crisis and widespread urban decay, expressed deep frustration, saying: “I believed that my taxes were used to help build out the city. I don’t feel that way anymore.”
His investment firm, BlackRock, oversees assets totaling approximately $11.6 trillion and is headquartered in Manhattan’s Hudson Yards. Fink’s remarks were reported by Bloomberg News.
Since late 2019, approximately 160 Wall Street firms have moved their headquarters out of New York, collectively managing nearly $1 trillion in assets.
The city has seen a significant reduction in drugstores, losing nearly 40% over the past decade, with 10% of closures occurring in 2024 alone.
Major chains like Walgreens, CVS, and Rite Aid have reduced their presence, citing factors such as rampant shoplifting and other crimes.
Companies like Foot Locker have announced plans to move their headquarters from New York City to other states, aiming to reduce costs.
Particularly troubling to Fink is the city’s regulatory environment.
He urged lawmakers to reconsider the stringent “pay to play” rules that limit political contributions from individuals and firms conducting business in the city.
In New York City, “pay-to-play” rules are a set of campaign finance regulations designed to prevent corruption and ensure transparency in government by limiting political contributions from individuals or companies that do business with the city.
“In New York, because we’re so dominated by the financial services area, we are not able to do anything related to helping shape the narrative of this city,” Fink said.
“This is one of the reasons why I think the city has been so harmed.”
Despite Fink’s criticisms, recent data from the New York Police Department paints a more complex picture of crime in the Big Apple.
In fact, the first quarter of 2025 saw substantial decreases in violent crimes, with murders falling by 34.4%, down to 63 incidents from 96 during the same period last year.
Shootings also dropped by 23.1% — with incidents decreasing from 182 to 140, according to the NYPD.
Moreover, crime on the city’s subway system — a key source of anxiety for many New Yorkers — declined by 18.1%, including zero murders reported during this period for the first time in seven years.
Law enforcement officials attributed these improvements to precision policing strategies, emphasizing officer deployment to Violence Reduction Zones, where major crimes have decreased by approximately 25% compared to the previous year.
Yet, not all statistics reflect improvements, particularly when it comes to quality-of-life concerns in the city compared to the pre-COVID era.
Certain crime categories have risen notably, raising concerns among residents.
Major felony crimes have increased by 32.0%, including serious offenses such as murder, rape, robbery, assault, burglary, grand larceny, and auto theft.
Petty thefts at drug stores have increased by 37.4%, while quality-of-life offenses resulting in summonses, including public drinking and urination, have jumped by 37.7%, according to an analysis by Bloomberg News.
Rat sightings reported through the city’s 311 hotline have also surged by 48.7% compared to 2019, the news site found.
Emergency services have faced their own challenges.
Ambulance response times increased by 16%, reflecting delays for FDNY medics in reaching life-threatening situations.
Similarly, the NYPD’s response times to active crimes have slowed dramatically by 55.1%, Bloomberg News found in its analysis.
Perhaps the most alarming statistic involves public health: deaths from unintentional drug overdoses have more than doubled, rising by 110.9%, highlighting a severe crisis requiring immediate attention from city leadership.
The Post has sought comment from the mayor’s office.
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