Bloomberg: NYC's wealthy benefit city - Los Angeles News | FOX 11 LA KTTV

Bloomberg: NYC's wealthy benefit city

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Mayor Michael Bloomberg Mayor Michael Bloomberg

NEW YORK (AP) - Michael Bloomberg says the reason there's such a big income gap between the poor and rich in New York City is that the city attracts so many wealthy people.

He says it would be a "godsend" if every billionaire came to live in the city because they pay a lot of taxes. The billionaire mayor says those taxes fuel the city's economy and help people throughout the rest of the income spectrum.

Bloomberg made his comments Friday on his weekly WOR radio show. He was responding to a question about new Census data that showed an increase in the city's poverty rate and a wide gap between the poor and rich.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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