Call me cynical, but I don't see the NYC/state paid salaries, pensions, and healthcare being diminished anytime soon, no matter how dire the financial situation gets.
“millennials in pricey spots like New York and San Francisco flee in search of cheaper pastures.”
That’s just dandy.
Doomsday scenario and also a falsehood for anyone that knows anything about New York City real estate. Every person I know, their company wants them back in the office as soon as possible and are going to Great lengths to make that happen.
I know so many hoping for the utter destruction of New York City here will be disappointed when everything turns out okay, but it’s just the truth :-)
I have never seen a city where so few here live talked about so much. Maybe it’s envy coming from a 2 meal town. I don’t know
I said way back in early march that if they shut down the economy the first to feel this will be local governments. Without people earning spending, producing and consuming, there is nothing to tax.
How about real estate agents who RENT apartments, not those who sell? How will their living be affected?
“Scores of apartments could be empty”
Not if they let the market work. If there is reduced demand then the price should fall.
Commercial real estate prices are going to take a hit. I work in a Fortune 500 with 18,000 employees. Prior to COVID 95% of the company was home office based, 5% worked remote. Currently only 5% are still in the home office, 95% are working remote. Discussion has already started just how many really need to come back to the home office. Not a lot. We’re probably going the shed the need of 80% of our commercial real estate space.
A lot of cheap real estate for sale in Minneapolis.
What scares me the most is that these left wing morons will move into my neighborhood. I prefer they stay in NYC with the cockroaches and rats. As to real estate prices, they’re grossly inflated anyway-it’s time for a correction.
On the flip side of that coin, residential real estate doesn’t appear to be missing a beat here in my part of North Carolina. I don’t know how they managed showings let alone closings during the shutdown but they did. Inventory is short, houses are selling quickly, within weeks if not days, especially in the magical below-$200K category. I guess it’s New Yorkers.