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How New York Became a City of Billionaires
Donald Trump and Ivana Trump at a party for his book The Art of The Deal at Trump Towers in New York City, New York. (Ron Galella via Getty Images)
How did this city become so rich and so impoverished? Jonathan Mahler, author of a new history, will join my colleague Peter Savodnik live at 4 p.m. today to explain.
By Joe Nocera
08.07.25 — New York
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Frank Sinatra’s famous song “New York, New York,” is only mentioned once, in passing, in Jonathan Mahler’s new book, The Gods of New York. But the lyrics kept running through my head as I read it.

Two lines in particular:

I want to wake up in a city that never sleeps

And find I’m king of the hill, top of the heap.

That lyric, written by John Kander and Fred Ebb in 1977, was always meant to be an homage to the idea that anyone who wanted to make something of themselves had to move to New York, to test themselves against the best. After all, as the song continues, “If I can make it there, I can make it anywhere.”

But The Gods of New York, which is a portrait of life in the city in the last four years of the 1980s, caused me to read those lines in a different, less pleasant way. Mahler’s contention is that the period between 1986 and 1990 was when New York went from being “a city that once aspired to provide a safety net and a foothold to all its residents” to “a gladiatorial arena for those with the biggest appetites, the loudest voices, and the most outsized ambitions.” These were years that saw new extremes of wealth—and of poverty—and racial resentments and fears that boiled over time and again.

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Joe Nocera
Joe Nocera is an editor and writer at The Free Press. During his long career in journalism, he has been a columnist at The New York Times, Bloomberg, Esquire, and GQ, the editorial director of Fortune, and a writer at Newsweek, Texas Monthly and The Washington Monthly. He was a finalist for the Pulitzer Prize in 2007.
Tags:
Peter Savodnik
Donald Trump
New York City
History
Economics
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