New York City has a large and growing debt burden that is threatening to become unaffordable

"The level of NYC’s debt is rising and representing a growing portion of the assessed value of taxable real property."

William C. Thompson, Jr., the Comptroller for New York City, has released the Fiscal Year 2009 Annual Debt Report.

"New York City has a large and growing debt burden that is threatening to become unaffordable as the City’s economy suffers the impacts of a severe global economic downturn. By any commonly accepted measure, New York City ranks above its peers in the amount of debt shouldered by city residents and the city’s economy."

The budget report also indicated that, "New York City’s debt as a percentage of personal income in FY 2006 was the highest at 14.5 percent."