A:Answer No, but you can view some local channels using a free app called Pluto TV. Currently, it is only available in a few major markets, though. You could receive over-the-air broadcasts and use your TV's built-in tuner with an antenna. I am testing using an HD antenna to connected to a SiliconDust HD HomeRun Extend box. The SiliconDust unit receives the signal freely over-the-air then allows the various channels to be sent over your home's wired and wireless network. You then view the channels through an app on your Apple TV, phone, iPad/tablet, or any computer. It's a bit complicated but if you're willing to invest in it, it does work well.
Another solution would be to subscribe to DirecTV Now, which is DirecTV's streaming service. It is much less expensive than cable but has local channels and the vast majority of cable channels too. I believe DirecTV Now starts at $40/month.
The biggest problem is the TV networks and local stations have gotten reliant on the revenue stream from cable distribution rather than advertising alone. It will be interesting to see what happens as more and more people ditch cable.