Gary North has a sound solution. He writes:
First, declare bankruptcy. This makes possible the next three steps. Second, default on all pensions. Third, close the public schools. Fourth, cap the property tax at 1% of market value. That was the limit placed on the municipal governments in California in 1978: Proposition 13. Voters in the state approved a constitutional amendment that tied the hands of city governments to loot the residents.
There is a fifth step: imitate Houston. Abolish all zoning. But this is not as important as the first four steps.-RW