Alexi Rosenfeld/Getty Images That includes $5.6 billion for New York City, which has been seeking federal aid. Many local governments have warned of steep budget cuts without funding from the federal government. An ominous question lingered over much of 2020 and early 2021: What will happen to all the cities and states facing huge revenue shortfalls from the coronavirus recession ? Most famously, some commentators have gone so far as to say 2020 killed New York City, a metropolis in which interpersonal contact is a fact and way of life. Some Wall Street executives voted with their feet late in the year, moving to Florida along with some of their operations.