Wealthy Donors Pull Back From New York City's Escalating Problems

At first glance, it might seem like the right moment for New York City’s wealthy philanthropists to step in. Mayor Eric Adams has asked millionaires and billionaires to help alleviate the city’s fiscal troubles, exacerbated by the costs of accommodating increasing numbers of migrants. However, even under a mayor who presents himself as pro-business, the city’s philanthropic class is hesitant to donate to causes addressing its major problems. They worry that the city’s complex challenges cannot be easily resolved, even with philanthropic support. Donors are also concerned about City Hall’s ability to manage the crisis.