Cities: Costly Cheer

New York City officials last week were thumbing a volume that had 3,276 pages, weighted 34 Ibs. and was 6½in. thick. But New York City's 1961-62 budget, the granddaddy of all city spending plans, all boiled down to one big fact: the city is being asked by its mayor to spend $2,542,120,936 in the fiscal year beginning in July, exactly $189,062,426 more than this year. City Hall cynics dubbed it the "something-for-everybody budget."

Mayor Robert Wagner, with up-for-re-election-year cheer, had announced the neat trick of balancing this budget with no increase in tax rates and no new taxes.

Real estate will...

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