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The strike against the World Trade Center on September 11, 2001, was a violent blow against the United States and a symbolic attack on capitalism and commerce. It shut down one of the world's busiest commercial centers for weeks, destroyed or damaged billions of dollars worth of property, and forced many New York City employers to slash their payrolls or move jobs to other areas. The immediate economic effect was substantial, but how badly did 9/11 affect New York City's economy in the longer term? In Resilient City, Howard Chernick and a team of economic experts examine the city's economic recovery in the three years following the destruction of the Twin Towers. Assessing multiple facets of the New York City economy in the years after 9/11, Resilient City discerns many hopeful signs among persistent troubles. Analysis by economist Sanders Korenman indicates that the value of New York–based companies did not fall relative to other firms, indicating that investors still believe that there are business advantages to operating in New York despite higher rates of terrorism insurance and concerns about future attacks. Cordelia Reimers separates the economic effect of 9/11 from the effects of the 2001 recession by comparing employment and wage trends for disadvantaged workers in New York with those in five major U.S. cities. She finds that New Yorkers fared at least as well as people in other cities, suggesting that the decline in earnings and employment for low-income New York workers in 2002 was due more to the recession than to the effects of 9/11. Still, troubles remain for New York City. Howard Chernick considers the substantial fiscal implications of the terrorist attacks on New York City, estimating that the attack cost the city about $3 billion in the first two years alone; a sum that the city now must make up through large tax increases, spending cuts, and substantial additional borrowing, which will inevitably be a burden on future budgets. The terrorist attacks of September 11 dealt a severe blow to the economy of New York City, but it was far from a knock-out punch. Resilient City shows that New York's dynamic, flexible economy has absorbed the hardships inflicted by the attacks, and provides a thorough, authoritative A Russell Sage Foundation September 11 Initiative Volume

Table of Contents

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  1. Cover
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  1. Title Page, Copyright
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  1. Contents
  2. pp. v-vi
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  1. Contributors
  2. pp. vii-viii
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  1. Foreword
  2. pp. ix-xii
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  1. Acknowledgments
  2. pp. xiii-xiv
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  1. Chapter 1. Introduction
  2. Howard Chernick
  3. pp. 1-20
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  1. Part I. The Impact of 9/11 on Economic Competitiveness
  1. Chapter 2. Did 9/11 Change Manhattan and the New York Region as Places to Conduct Business? l
  2. Edward W. Hill and Iryna Lendel
  3. pp. 23-61
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  1. Chapter 3. The Impact of 9/11 on the Manhattan Office Market / Franz Fuerst
  2. Franz Fuerst
  3. pp. 62-96
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  1. Chapter 4. Evidence from Real Estate Markets of the Long-Term Impact of 9/11 on the New York City Economy
  2. Andrew F. Haughwout
  3. pp. 97-121
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  1. Chapter 5. The Effects of 9/11 on New York’s Publicly Traded Companies: A Brief Look at Financial Market Data
  2. Sanders Korenman
  3. pp. 122-153
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  1. Chapter 6. Insurance Coverage for New York City in an Age of Terrorist Risk
  2. Jonathan A. Schwabish and Joshua Chang
  3. pp. 154-186
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  1. Part II. The Impact of 9/11 on Labor Markets and Families
  1. Chapter 7. The Economic Impact of 9/11 on New York City’s Low-Wage Workers and Households
  2. Jonathan A. Schwabish and Joshua Chang
  3. pp. 189-227
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  1. Chapter 8. The Impact of 9/11 on Low-Skilled, Minority, and Immigrant Workers in New York City
  2. Cordelia W. Reimers
  3. pp. 228-265
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  1. Chapter 9. Child Care Arrangements in New York City After 9/11: A Return to Hearth and Home?
  2. Sanders Korenman
  3. pp. 266-292
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  1. Part III. The Fiscal Impact of 9/11
  1. Chapter 10. The Fiscal Impact of 9/11 on New York City
  2. Howard Chernick
  3. pp. 295-320
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  1. Index
  2. pp. 321-332
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