Posted on 08/21/2020 7:51:49 AM PDT by Altura Ct.
Streets are deserted thanks to COVID and people fleeing due to crime & riots.
Former hedge fund manager and entrepreneur James Altucher says New York City is dead and it’s not coming back.
Born and bred in New York, Altucher took his family and fled to Florida after the Black Lives Matter riots in June when someone tried to break into his apartment.
Since then, the city has continued to suffer a huge surge in shootings and violent crime as well as an anemic financial recovery from the coronavirus lockdown.
Appearing on Fox News Business, Altucher referred to images that were broadcast during the interview showing 6th avenue to be virtually empty.
“We have something like 30 to 50 per cent of the restaurants in New York City are probably already out of business and they’re not coming back,” he pointed out.
Altucher said that despite offices in midtown being allowed to be open, they’re still largely empty because companies like Citigroup, JP Morgan, Google, Twitter and Facebook are encouraging their employees to work remotely from home “for years or maybe permanently.”
“This completely damages not only the economic eco-system of New York City…but what happens to your tax base when all of your workers can now live anywhere they want to in the country?” asked the entrepreneur, noting that many were fleeing to places that are cheaper to live like Nashville, Austin, Miami and Denver.
Warning that the situation was “only going to get worse,” Altucher said that the old New York was not coming back and that creative and business opportunities would now be dispersed throughout the entire country.
“What makes this different now is bandwidth is ten times faster than it was in 2008 so people can work remotely now and have an increase in productivity,” he added.
As we document in the video below, the blame for all this lies firmly at the feet of two people, Governor Cuomo and Mayor de Blasio.
Marshall McLuhan predicted a lot of this 55 years ago.
I think I figured out what the rats are trying to do. Destroy the cities and then buy up all the real estate on pennies to the dollar.
When we look at the Democrats, we need to look at them like the politburo. They want to loot the treasury for them and their “friends” and keep everyone else in poverty.
As the big picture, I see our nation turning into Penam and 50 districts. Hunger Games anyone?
This reminds me of something I read over a decade ago: People who rent are far more mobile than people who own their own homes. And it actually affects income levels. A mobile work force gets paid more - all other things being equal - because they can leave for higher pay much easier.
It’s why I didn’t buy until I decided it was where I would live until I die (or need a nursing home). And it’s hard to enjoy a house and acreage when you rent it. I think urban and suburban home ownership is a bit of a scam.
Come to think of it, I haven’t seen any of those commercials inviting businesses to relocate to NY state in quite awhile.
Having been born and raised in CT right outside the city with relatives there, I have mostly good memories of there. Since I went in the military back in 71, I would fly into NYC and then take the subway/trains to CT. I always loved having having a pizza from those little joints in Grand Central Station. Best in the world back then. Don’t know about now.
In the meantime, my approach has been to only consider buying homes that are well suited for use as rental properties after I leave them. Condominiums and townhouses in nice areas, and with well-run associations, tend to fit the bill pretty well.
I had the same approach you did.
About thirty years ago I had a long discussion with my wife and said we need to decide—stay and buy a house or move.
I applied to higher-paying jobs in various cities that interested me.
No dice—so we stayed and bought a house locally way out in the country so it could be our retirement home.
I am retired now—and we are still here, and not going anywhere.
DeBlasio wants to turn NYC into a Stalinist showplace!
Moving companies are refusing calls as they are overloaded already. Exodus 2.0. Who is the Moses leading the Jews this time?
Marshall McLuhan predicted a lot of this 55 years ....
Yes he did. As a junior at Fordham I was in his class for two semesters. A lot of his ideas seemed SciFish to us but his books like Understanding Media were thought provoking and he was one of the most intelligent people I have ever encountered.
“Marshall McLuhan predicted a lot of this 55 years ago.”
And Harry S. Dent reprised those predictions in the early 90’s.
Both men underestimated the inertia of habit, and the love of downtown socializing, which is a big part of the economy. A lot of business gets done in eateries and at golf courses. It took the Scamdemic and especially the riots to break the habit of working downtown.
No crowded subways and sidewalks, less traffic issues, less pollution, less crime, less expense, less taxes to support bloated local governments.
It’s a win-win-win once the adjustments are complete.
Is Rush a Jew? donald Trump?
While I hate what these two fools have done, I think NY was in a death spiral and it took several events to push it over the cliff.
Covid and blm riots are the last straws.
The place was way overpriced, and much of what was being done in office buildings has been sent into homes, and once that happened without too much loss of productivity, the companies realized the cost savings involved.
When a worker is a shirker, his productivity will fall and changes will be made.
Look at the overall savings that occur when millions of square feet of prime NY office space is no longer paid every month.
And that is just the beginning, parking expenses, lunch and dinner expenses, no more hanging out in the break room with mustang sally or chaddie.
Wait until the NY Stock exchange pulls the plug {they can put computers anywhere, and most are probably already located in NJ, but they can be moved to Utah, Iowa, upickem}.
The point is, the big apple will never see the same population and high flying economy again.
As Dandy Don used to sing, "Turn out the lights, the party's over".
As an ex-New Yorker that lived in New York City and then Long Island and lived there for some fifty years,& who loved the city from head to toe, Democrat Party, low life, scum & vermin Governor, Andrew Cuomo & Mayor, Bill De Blasio have killed the city for a long time to come, if it indeed ever recovers from their massive destruction of the city proper and the murder of senior innocents...period!!!
Broadway theater is dead for years, so is Radio City Music Hall, Empty hotels, Empty restaurants, Zero tourists, Chinatown is dead, Little Italy is dead, Brooklyn pizza is dead for tourists to taste,the famed subway system is naught but a danger zone filled with homeless, druggies, criminals, perverts and low lifes. Three hundred people per day are living the city forever, the people it needs for a decent tax base, Carl Icahn has moved his financial business to Miami, Florida, Wall Street will soon follow, Yankee Stadium is dead, City Field is dead, Madison Square Garden is dead!!! And...the finest New York City Police Department in the world has been totally destroyed by the
Democrat Party scum and vermin, living humanity!!!
Sad thing to say is that New Yorkers did this to themselves by voting this scum and vermin Democrat Low life into office. Yep fools go vote for Biden and kill the entire country!!! Hopefully, POTUS, Trump will be re-elected and New York will become alive once again...Vote, Trump...and,only Trump!!!
If the economy collapses and no one wants to live there anymore, then pennies on the dollar will be all that the properties are worth.
And they’ll still pay sky-high property taxes on the “cheap” properties because govt spending will not go down.
This is all about creating chaos in the hopes that the voting public will blame Trump and give them back control or the Presidency and the Senate.
New York City is dead and it’s not coming back.
I don’t see a problem with this. Unless they want to turn somewhere else into NYC.
Unfortunately, the typical New Yorker that moves down to Florida remains a loyal democrat and keeps voting for the same type politicians that ruined New York.
Rush Limbaugh
Donald Trump
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