The chart below depicts the 25-year trend in what I call the “Tax Stability Quotient” — the share of all New York City tax receipts composed of real property, sales, utility and commercial rent taxes, which tend to be the city’s most stable revenue sources. During the booms of the 1980s and 90s, the quotient fell as the city progressively became more reliant on highly volatile revenues from taxes on personal incomes, business profits and property transfers. Last year, the Stability Quotient dropped below 50 percent for the first time ever. Rising spending and a falling Stability Quotient add up to big trouble.
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