New York City is grappling with a wave of financial woes, ranging from falling real estate prices to a decline in federal aid. With memories of the city's fiscal quandary of the mid-1970s still vivid to many, investors have pushed down city bond prices over the past year.

Nonetheless, some industry experts believe the city's bonds present attractive investment opportunities. One reason is that bond yields have rocketed higher than the city's ratings would justify, and much higher than comparable bonds issued by other municipalities.

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