History of New York City (1946–1977)

Immediately after World War II, New York City became known as one of the world's greatest cities. However, after peaking in population in 1950, the city began to feel the effects of suburbanization brought about by new housing communities such as Levittown, a downturn in industry and commerce as businesses left for places where it was cheaper and easier to operate, an increase in crime, and an upturn in its welfare burden, all of which reached a nadir in the city's fiscal crisis of the 1970s, when it barely avoided defaulting on its obligations and declaring bankruptcy.