It is the typical cycle that you would expect from Progressives.
Go in when the economy is booming and blame the ills on the hardworking and productive that creates the wealth.
Convince everyone that the productive are greedy and do not deserve what they have earned.
Raise taxes to cure the greedy and distribute the money to all of your friends, cronies and those that will kickback millions.
The productive escape the city and the taxes and thus the parasite has embedded itself and sucks the host dry.
All that is left is the shell of a once great city.