The only possible way that a party of social tolerance survives for long in this sort of economic environment is if it goes hard after the plutocrats truly responsible for the economic malaise. The social liberal/economic conservative mold of Bloomberg is a recipe for political disaster.
It is notable that the only places where the far right was brought to heel were places where a strong leftist economic argument was made. The big, big loser was cautious, austerity centrism.
When the social left throws the economic left under the bus in a time of rising inequality, they sow the seeds of their own destruction. The forces of intolerance and fascism are only a couple of hard-knocks elections away at any given time.