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New York City: 3,000 jobs

November 20, 2008

The economic downturn has hit New York City hard, with Mayor Michael R Bloomberg announcing the laying off 3,000 employees, cutting expenditure on several other fronts, rescinding a popular 7 per cent property tax cut and suspending checks for annual property tax rebates.

These measures will save some $ 1.5 billion but the city will still be in the red.

Image: New York City Mayor Michael Bloomberg. | Photograph: Alex Wong/Getty Images

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