The Grand Hyatt may have been achieved through blackmail, but once Trump and his enablers set the precedent, it became the paradigm still practiced in this city and many others. In the 1970s cities needed money, and rather than pursuing revenue by taxing the rich, many mayors—sometimes grudgingly, sometimes enthusiastically—embraced the idea that it would be better not to tax them outright, and instead inaugurate a race to the bottom between cities for who could create the climate most friendly to the rich (and, almost by definition, most hostile to the poor).