Good Morning New Yorker.

New York is a city that has always bet on itself and won, mostly, because enough people kept showing up to make the bet good. This week, that assumption is under pressure. New Census estimates show the city's population slipping again, and for the first time in a long time, the usual safety valve isn't releasing. Immigration, the force that has quietly underwritten New York's recovery cycles for generations, has slowed to its lowest level since the pandemic. Meanwhile, a mayor is pitching a budget built on Wall Street optimism while the IBO quietly pencils in $600 million less. Wheelchair users can't board express buses a quarter of the time. And somewhere under a Citi Field parking lot, the future is already being fenced off. It's a city in motion, just not entirely in the direction it planned.

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