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About Corporation
A Municipal Assistance Corporation (MAC) is an independent corporation created by the State of New York for purposes of providing financing assistance and fiscal oversight of a fiscally-distressed city.
Two MACs are explicitly designated under New York law.
The majority of appointees to the corporation’s board were made by the Governor, initially by New York Governor Hugh Carey.

Policies
The fact that the City performs so many functions is not only a matter of taste or choice. No other large city in this country has as many services assigned to it as the City of New York.
In addition to normal housekeeping functions-police, fire, and sanitation-New York operates hospitals, elementary, secondary and higher education facilities, and subsidizes health care and mass transportation.
New York must bear twenty-five percent of its welfare costs and fifty percent of the expenses of home relief programs mandated by the state constitution.

National Economic Difficulties.
The nation's economic illnesses were also in part responsible for the sharp rise in the cost of city services and welfare expenditures as well as the deterioration in city revenues.
Large cities like New York are more vulnerable to economic downturns because, unlike other municipalities which rely primarily on property taxes for their revenue,
New York relies more heavily on sales and income taxes which tend to be more susceptible to cyclical variations.