How long until New York’s economy and citizen flight become a cautionary tale too big for the MSM to ignore?
Businesses aren’t fleeing New York — quite the opposite.
Office rents in Manhattan have gone parabolic with very low vacancy rates, and there’s 3 million square feet in the development pipeline give or take, for which multi-floor bidding activity is torrid. Apartment rents are up too - while they’re falling in much of the country, including lots of otherwise prospering metros. Home prices in the suburbs are holding tight despite massive increases in mortgage rates.
Mamdani isn’t even really a distraction. As long as NY is the place smart people around the world want to go, businesses are going to follow.