There’s a bit of a puzzle at the center of “Drop Dead City” (in theaters), the new documentary about that time New York City barely escaped bankruptcy. Michael Rohatyn, who directed the film with Peter Yost, is the son of Felix Rohatyn, the banker and diplomat who led the Municipal Assistance Corporation. That’s the entity, established at the height of the crisis in 1975, that negotiated the solution with the city, the banks and the unions that ultimately pulled New York back from the brink of financial ruin. But while the elder Rohatyn is praised by many participants in the film, his connection to one of its directors isn’t mentioned at all.
I admit I raised an eyebrow when I realized the link, and it’s true that at times “Drop Dead City” seems like a tribute to Felix Rohatyn’s acumen and ability. That might color the film’s credibility a bit. But on the whole, the movie probably benefits more from the younger Rohatyn’s involvement, not least because an incredible array of people who worked for the city and state at the time appear as participants, whether they are former aides and comptrollers or mayors, union leaders and members of Congress.
That chorus of voices tells the story, helped by a lot of archival video that vividly illustrates how heated the protests and garbage-laden the sidewalks became while the municipal government tried to figure out the resolution. It’s an evenhanded and surprisingly entertaining account of how things got so bad, who was to blame, the way it was fixed (to some degree) and what New York inevitably lost in the process.