Posted on 12/15/2020 11:40:25 AM PST by george76
The mass exodus from New York City amid the COVID-19 crisis has cost $34 billion in lost income, according to a new study released Tuesday.
About 3.57 million people fled New York City between Jan. 1 and Dec. 7 this year — and they were replaced by some 3.5 million people earning lower average incomes, the findings from Unacast said.
That means the Big Apple lost a net 70,000 people during the pandemic.
...
Tribeca, population 20,000, took the biggest hit out of the three — with a net loss of 3,500 residents — equaling a net income loss of $1 billion.
...
In Williamsburg, home to about 80,000, some 19,000 people moved out by Sept. 7, representing a loss of $1.3 billion income — “one of the hardest-hit individual NYC neighborhoods we examined,”
...
“That is a great deal of forfeited discretionary spending in a small community with many local brands that currently show little sign of resilience or recovery,
...
There was 33 percent less retail foot traffic compared to last year and 34 percent fewer people in restaurants.
...
net outflow in city neighborhood populations everywhere, coupled with a reduction in average income and therefore reduced buying power,” it said.
Unacast’s analysis comes after apartment vacancies in Manhattan hit a 14-year high last month, with more than 16,000 spaces empty.
“The big question is, ‘How does real estate and retail in particular adapt to that?
(Excerpt) Read more at nypost.com ...
There must be bodies everywhere.
So far.
See tag line.
Deficit to be made up from those who’ve stayed; for now.
I have a family member who does NYC building appraisals... Many occupancies... the moving companies are also very busy. It’s a cesspool in DeBozos NYC now!
Is it better to have a non paying tenant than no tenant at all?...Maybe.
The mayor may regret scaring the cr*p out of people for his own lust for power and control.
I heard New York has great welfare support, free stuff everywhere.
Just raise the toll booth tax.
NY is praying for a Fed.gov bailout. NY State can’t print money or monetize its debt, but Fed.gov and the Federal Reserve can.
That’s NY’s only way out of this -- Biden and a Democrat Congress pass a massive bail-out to blue states with the fake name of “stimulus."
No,no,no.
The Expert Class lives in Thriving Blue Cities or so I’ve been told.
That’s okay, they’re counting on Chairman Jao to bail them
out.
DeNiro’s neighbors don’t like him no more!!
Rats, I guess I’ll wait for the buying rush in Florida to end before looking for a winter place.
You got it. Manhattan real estate worth half of what it was and value even going down further......
FYI: The Target Price is 30% of the pre covid value, and there is Hundreds of Billions of Dollars on the sidelines in Equity Funds, ALL CASH, ready and waiting to snap this up in a hurry
Due to population loss, the area is now know as Bibeca.
No, unfortunately. It’s the same with DeBlasio, Cuomo, Whitmer, etc. They can completely wreck everything and what is the worst that will happen to them? They lose reelection in a couple years. They will then either happily sit back with all of the money they have, and watch us all suffer under the hell they created, or they’ll decamp for greener pastures, like Granholm did. No matter what, THEY never pay the piper, we do.
Enjoy the suck Cuomo & DeBlasio!
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