The CEO of behemoth BlackRock Inc. said that without notable deregulation of city laws, New York may lose many large employers. Larry Fink told the Economic Club of New York that the city's former luster is now notably tarnished.
Bloomberg reported that Fink told club members, "The city is on the verge of losing a lot of companies. I don't believe the city has the vitality that it did before."
BlackRock is headquartered in New York and is considered the world's largest asset manager, with more than $11 trillion in managed assets.
Fink said during the interview at the Economic Club that New York's political campaign contribution controls, known as "pay to play," are at least partly responsible for some of the decline in the city. The rules place strict controls on political campaign contributions. Fink said that's an issue.
"In New York, because we're so dominated by the financial services area, we are not able to do anything related to helping shape the narrative of this city. This is one of the reasons why I think the city has been so harmed."
Bloomberg reported an example of Fink's concerns is major crime in the city. It cited a 32% increase in felonies in New York compared to five years ago.
Fink said New York is a lot different now than when he first arrived in the 1970s. "I believed that my taxes were used to help build out the city. I don't feel that way anymore."
Jim Mishler ✉
Jim Mishler, a seasoned reporter, anchor and news director, has decades of experience covering crime, politics and environmental issues.
© 2025 Newsmax. All rights reserved.