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In the 1970s, job losses due to [[Deindustrialization|industrial restructuring]] caused New York City, including Manhattan, to suffer from economic problems and rising crime rates.<ref>{{cite web|url=http://digitaljournalist.org/issue0402/at_intro.html|title=New York in the 70s: A Remembrance|author=Allan Tannenbaum|publisher=The Digital Journalist|access-date=July 20, 2014|archive-url=https://web.archive.org/web/20120320194616/http://digitaljournalist.org/issue0402/at_intro.html|archive-date=March 20, 2012|url-status=live}}</ref> While a resurgence in the [[financial industry]] greatly improved the city's economic health in the 1980s, New York's crime rate continued to increase through the decade and into the beginning of the 1990s.<ref>{{cite web |author=Christopher Effgen |url=http://www.disastercenter.com/crime/nycrime.htm |title=New York Crime Rates 1960–2009 |publisher=Disastercenter.com |date=September 11, 2001 |access-date=July 20, 2014 |archive-url=https://web.archive.org/web/20140629060042/http://www.disastercenter.com/crime/nycrime.htm |archive-date=June 29, 2014 |url-status=live }}</ref> The 1980s saw a rebirth of [[Wall Street]], and Manhattan reclaimed its role as world's [[financial center]], with Wall Street employment doubling from 1977 to 1987.<ref>David, Greg. [https://www.crainsnewyork.com/article/20100627/ANNIVERSARY/100629890/new-york-city-then-now "New York City: Then & Now"], ''[[Crain's New York]]'', June 27, 2010. Accessed December 3, 2023. "Still, Wall Street stands apart, not only as the engine of the city's rebirth and the dominant figure on the New York business landscape, but as the singular ingredient that the city can no longer live without, for better and for worse.... Back in 1977, Wall Street's ranks had been winnowed to 70,000, a decline of 30% during the decade. Those jobs accounted for only 5% of all the wages in the city.... The securities industry in the city more than doubled in size in the decade to 160,000. The pay its people received increased sixfold, accounting for almost 13% of all the wages in the city."</ref> The 1980s also saw Manhattan at the heart of the [[AIDS crisis]], with Greenwich Village at its epicenter.<ref>[https://www.nyclgbtsites.org/site/st-vincents-hospital-manhattan/ St. Vincent's Hospital Manhattan], NYC LGBT Historic Sites Project. Accessed December 3, 2023. "By the time HIV, the virus that causes AIDS, was first identified in 1983, St. Vincent's had become the epicenter of the epidemic in New York City with patients overwhelming the emergency room, its hallways, and beds."</ref>
In the 1970s, [[Times Square]] and [[42nd Street (Manhattan)|42nd Street]] – with its [[sex shop]]s, [[peep show]]s, and adult theaters, along with its sex trade, street crime, and public drug use – became emblematic of the city's decline, with a 1981 article in ''[[Rolling Stone]]'' magazine calling the stretch of West 42nd Street in the area the "sleaziest block in America".<ref>Chakraborty, Deblina. [https://www.cnn.com/2016/04/18/us/80s-times-square-then-and-now/index.html "When Times Square was sleazy"], ''[[CNN]]'', April 18, 2016. Accessed January 2, 2024. "The sex market and drug trade thrived in the area, and homeless encampments dotted its streets. Many local theaters – once legitimate operations showcasing the performances of renowned actors like Lionel Barrymore – had become home to peep shows and porn movies.... In 1981, ''Rolling Stone'' magazine called West 42nd Street, located in the heart of Times Square, the 'sleaziest block in America.'"</ref> By the late 1990s, led by efforts by the city and the [[Walt Disney Company]], the area had been revived as a center of tourism to the point where it was described by ''[[The New York Times]]'' as "arguably the most sought-after 13 acres of commercial property in the world."<ref>Bagli, Charles V.; and Kennedy, Randy. [https://www.nytimes.com/1998/04/05/nyregion/disney-wished-upon-times-sq-and-rescued-a-stalled-dream.html "Disney Wished Upon Times Sq. And Rescued a Stalled Dream"], ''[[The New York Times]]'', April 5, 1998. Accessed January 2, 2024. "Only five years later, a relative blink of the eye in the world of New York City development, that 42d Street is a dim memory. Times Square is a swirl of theaters, theme restaurants, tourist buses and construction cranes. It has become arguably the most sought-after 13 acres of commercial property in the world."</ref>
By the 1990s, crime rates started to drop dramatically<ref>Fagan, Jeffrey; Zimring, Franklin E.; and Kim, June. [https://scholarlycommons.law.northwestern.edu/cgi/viewcontent.cgi?referer=&httpsredir=1&article=6979&context=jclc "Declining Homicide in New York City: A Tale of Two Trends"], ''[[Journal of Criminal Law and Criminology]]'', Summer 1998. Accessed December 3, 2023. "The peak year in Manhattan and the Bronx was 1990, while Brooklyn and Queens had their highest levels in 1991. Still, the temporal pattern during the late 1980s and early 1990s was pretty consistent across boroughs."</ref><ref>[https://www.nyu.edu/about/news-publications/news/2013/february/1990s-drop-in-nyc-crime-not-due-to-compstat-misdemeanor-arrests-study-finds.html "1990s Drop in NYC Crime Not Due to CompStat, Misdemeanor Arrests, Study Finds"], [[New York University]], February 4, 2013. Accessed December 3, 2023. "New York City experienced a historic decline in crime rates during the 1990s, but it was not due to the implementation of CompStat or enhanced enforcement of misdemeanor offenses, according to an analysis by NYU sociologist David Greenberg."</ref> and the city once again became the destination of immigrants from around the world, joining with low [[interest rate]]s and Wall Street [[bonus payment]]s to fuel the growth of the real estate market.<ref>Hevesi, Dennis. [https://www.nytimes.com/1997/03/16/realestate/in-much-of-the-city-a-robust-market.html "In Much of the City, A Robust Market"] {{Webarchive|url=https://web.archive.org/web/20190328071307/https://www.nytimes.com/1997/03/16/realestate/in-much-of-the-city-a-robust-market.html |date=March 28, 2019 }}, ''[[The New York Times]]'', March 16, 1997. Accessed June 29, 2009.</ref> Important new sectors, such as [[Silicon Alley]], emerged in the [[Flatiron District]], adding technology as a key component of Manhattan's economy.<ref>Gallagher, Fergal. [https://www.builtinnyc.com/2015/10/12/where-exactly-or-was-silicon-alley "The Mysterious Origins of the Term Silicon Alley Revealed"], Built in NYC, November 4, 2015. Accessed December 3, 2023. "The moniker 'Silicon Alley' first emerged in the mid-1990s as a way to group the wave of new media tech startups that were located around the Flatiron neighborhood of Manhattan near Madison Square Park. The physical alley refers to the corridor that connects Midtown to Lower Manhattan, running past the Flatiron building at Madison Square Park and Union Square towards Soho."</ref>
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