The Covid-19 crisis in the U.S. has torn a hole in city budgets, decimating urban economies across the country even as infections continue to roar back and the specter of second-wave lockdowns loom. Las Vegas faces “the most serious fiscal crisis” it’s ever faced. The pandemic is hitting Houston’s finances harder than Hurricane Harvey, according to Mayor Sylvester Turner. Tallahassee, Florida, city officials are trying to “defuse a time bomb” due to $23.4 million in lost revenue this year. Local governments may face a cumulative shortfall of hundreds of billions of dollars, small businesses are closing at staggering rates, and when the temporary boost in unemployment benefits expires, municipal sales tax shortfalls may get even worse.