Richard Ravitch, a former lieutenant governor who helped save the city’s finances and transit systems from the brink of collapse, died on Sunday night. He was 89.
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He entered public service in 1975, when Gov. Hugh Carey appointed Ravitch to lead the state Urban Development Corporation, which was established to build low- and middle-income housing funded through municipal bonds. The agency and the city government at large were on the verge of insolvency that year, and Ravitch negotiated new lines of credit and financial arrangements that helped prevent both from going bankrupt.
The son of real estate developer, Ravitch joined his family’s business, HRH Construction, in the 1960s and oversaw the development of residential housing projects, like Waterside Plaza on Manhattan’s East Side and Manhattan Plaza on the West Side. Ravitch ran for the Democratic nomination for Mayor in 1989, but placed third in the polls. Then-Manhattan Borough President David Dinkins won the election, ousting incumbent Mayor Ed Koch from City Hall.
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