Perfect storm. New technology and lawlessness. The new technology was already weakening New York’s retail base. A significant percentage of people were shopping at internet based warehouse outlets such as Amazon and not shoping at brick and mortar sites. The pandemic has now demonstrated to big commercial firms that their employees can work and communicte profitably and efficently from home. Huge expensive commercial locations are not economically necessary. If people no longer congregate in these central locations, the resteraunts, shops and small retail shops lose their customers. Nor do they use mass transit to travel five days/week. Given the breakdown of law and order, the release of violent criminals from prison, people, especially people with children are fleeing urban centers.Foriegners no longer view urban real estate as safe havens for their wealth. The result is a monumental decline in commercial and residential real estate values, a decline in tax revenues and a loss of productive population. Cultural institutions that depend on subsidies and paying attendance are hard pressed as well.
Good idea to avoid NYC centered investments at this time. Won’t be coming back soon.
The demise of NYC is part of the plan, as in LA, Portland and Chicago. Hit Trump where is hurts - economically render the USA as a fail.
Then create racial conflict where there was little. TAKE down the USA and rebuild in the EU model. Why isn’t anyone saying this? Distribute guns to felons and socialist and pay them to riot. Create chaos so that normal people are in fear. It is the PLAN!