It’s not just New York that people are fleeing. Any city/state with liberals in charge are experiencing the same brain/revenue drain. Their tax base is going to collapse. They won’t be able to pay their pentions, bonds, state employee salaries, ... etc
I was told yesterday by a lumber yard customer in northern IL that people are fleeing the north side of Chicago from all the high rise condo/apartment buildings that have built in the last ten years.
Many are just moving to the suburbs, to FEEL SAFE when they walk their dog at night.
He told me how his sister was getting out of a high rise. Her landlord offered to drop the rent almost $1000/month and give them the firsts month free if they would sign another 1 year lease.
This means there will be a lot of foreclosures by the end of 2021 into 2022 on multi family type construction buildings(apartments and condos).
Last month US Housing starts hit their highest level since the Great Recession. However, they are not even throughout the country. Location, location, location. Starts in the west were up about 5%. The mid west and south were up huge 24% ish. The northeast was DOWN 29%.
In addition, single family(stand alone home) home starts were up almost 30% nationwide, while multifamily(apartments and condos) were DOWN 19%.
So, the big trend right now is move south entirely OR move to the suburbs in the mid west from the big city. This is really bad for the DEM run cities. What they are all counting on is for Biden to bail them out.