BlackRock CEO Larry Fink warns NYC to fix crime, filth and schools or lose even more companies

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 do...