Posted on 05/24/2020 6:47:02 PM PDT by yesthatjallen
Imagine New York City five years from now with streets full of abandoned storefronts, closed eateries, and empty buildings. The cumulative effects of the coronavirus may be more overwhelming than the other challenges New York City has had to face during the past two generations, including the aftermath of 9/ 11. It is likely that the pandemic will simply accelerate the trend in the sharp decline of its population and livelihoods.
New York City was already losing population before the outbreak due to economic factors and quality of life issues. Around 40,000 residents left between 2017 and 2018 alone. The coronavirus has fueled the population outflow. About 420,000 residents have fled New York City in the last few months. Even worse for its economy, the majority of those who left amid the pandemic are wealthy workers. Many of them went to low tax havens in the south, such as Texas, Florida, Georgia, and North Carolina.
Eventually, it will not only be the 1 percent who leave. The unemployment rate in New York City has risen above 14 percent. Residents without a job or reduced hours will no longer have the income to keep paying sky high rents for tiny living quarters. Meanwhile, workers who have not been laid off or furloughed have been working remotely, a trend that may continue for years to come. Nearly 70 percent of those in finance and technology will consider relocating if working remotely becomes permanent.
SNIP
(Excerpt) Read more at thehill.com ...
It's the boiling frog in the pot.
Great illustration, exactly that!
Crappy Karma and Payback’s a Bitch. In the case of Communist run/ruined NYC, this is one big Muther of a Bitch.
“Will Wall Street and associated businesses need bodies in offices?”
Apparently not.
L
I’m wondering the same.
Please don’t come to our states and vote like you did in NYC.
I hadn’t considered that. I wonder how such a Law could be enforced. Most large businesses have migrated their IT to the cloud, so there’s not a complex of computers sitting in NYC that telecommuters are linking to when they work.
Was PENN Station not conjoined with Madison Square Garden before?
Two words: Senator Romney. :-)
This is great news. The dispersion of wealth is a good thing. People should tax their wealth and tax dollars to smaller cities and towns.
JoMa
We do not want them.
They may be dead or they may have become citizens of another state, but they’ll still be “voting” Democrat until they are removed from the voter rolls, which will never happen.
It will either trigger the next internal (civil) war or it could be the great awakening for a lot of leftists. I'm not holding my breath on the latter.
New York will soon look like Detroit.
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I see a lot of remarks like this, but Detroit prior to the shutdown was on the upswing. The young population there has been on the rise, much of it due to Dan Gilbert and Quicken loans HQ. New restaurants popping up every day. A police chief that believes in the 2nd amendment and urges its law abiding citizens to get their CWP to protect themselves. Mayor Duggan is a Democrat, but operates more like a moderate Republican. It’s not perfect, but Detroit is better today than it has been for decades. On the other hand, we have a governor who’s trying to destroy it.
States have been creative in collecting taxes. When I worked at Honeywell the people on remote assignment in California were paid from Florida where no California tax was collected. But if you do anything in California, rent an apartment, regularly rent a motel room, or register a car, they’ve got you. California threatened a lawsuit and Honeywell had to pay California taxes. This caused the company to raise pay as nobody could live in California, paying California taxes, on Florida pay. (It was some kind of differential that only lasted while on assignment.)
Likely, NY will sue employers to make them prove that employees are not contributing from NY by telecommute. It will be a long legal fight. In the end, we will see all the big players who can move relocate to non-tax states.
Another killer for NY is that the NY city government is the largest landlord of business property in the US. All of this is necessary when you pay your garbage collectors a hundred large and you can’t lay off teachers convicted of sex crimes because of their union.
Curtis Sliwa for mayor! the defier of the dope deblasio!
Positives? I doubt it. All those dems are moving to other areas to infect.
The national highway systems in the late 1950s heralded an era that New York City would fail to keep up with.
The Americans with Disabilities Act in the 1980s exposed just how non-compliant and outdated the infrastructure is. Ride the D.C. Metro and then the New York subway system and you'll realize the New York City subway system will never catch up.
New York as a city was able to offer a technological advantage of internet connectivity, especially for stock trading, but that network has long since gone nationwide.
These Democrats played a desperate game; shutting down their economies to force other states to bail them out since they have no will or ability to take part of the economic surge under President Trump since 2016. Fortunately for the rest of the country, it failed miserably and will hasten the inevitable decline of such already ruined cities like New York.
Just a day trip north across the Canadian Border is Old Quebec where you can also visit a place that used to be.
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