There’s only one New York.
There’s only one Motor City
Posted on 05/23/2020 11:58:00 PM PDT by knighthawk
Young people are joining the rich and are fleeing New York for the suburbs after the coronavirus lockdown left many professionals reconsidering city life as companies begin to permanently adopt work-from-home models.
As COVID-19 gripped the country in mid March, residents of New York City's wealthiest neighborhoods fled to ride out the lockdown at their vacation homes, while many young people hunkered down in the suburbs with their parents.
Some were forced to break their leases and move back to their hometowns because they could no longer afford the city's exorbitant rent prices after losing their jobs, while others have continued paying for their cramped city apartments while they shelter elsewhere.
(Excerpt) Read more at dailymail.co.uk ...
Now, that’s not to say there won’t be those that screw it up. But people screw it up for systems at corporate offices, too.
Sounds like NYC taxes are going to dwindle.
I doubt it. There’s only one New York. Just like London. Paris. Moscow. London went through a Plague many times and bounced back each time. Even if it takes a decade or two, inevitably New York will be back at the top.
I think I would have moved out long before this quarantine.
There are more historic examples where a city destroyed was rebuilt but never made it back to the top of the heap than there are on your list.
Yup. It won’t be any worse than what goes on at corporate offices and probably a lot better.
For example, nothing is going to stop some idiot from installing an “Internet accelerator box” that they got from eBay that really is a remotely operated packet sniffer. People are idiots.
But what level of commerce will NYC have after the coronavirus, what will be the prevailing commercial rental rates and terms, and what will the tax rates be? Happy answers cannot be assumed. Eventually, NYC will reinvent itself and make a comeback, but a lot of NYC commercial real estate owners will go broke in the meanwhile.
Fortunes were made in the last great depression buying property at firesale prices
My prediction: once the economy is sufficiently destroyed, the “all clear” will sound and the vultures will swoop in.
Btw that is the model the Chinese have used for decades _ low-ball the competition until they told
It’s a long-game strategy but it works.
New York’s allure depends in large part not just on the big draws like the Met, MOMA, Yankee Stadium, the Gardens, Broadway, etc., but also on its abundant restaurants, bars, clubs, coffeehouses, and specialty shops. Many of those are thinly capitalized and reliant on sweat equity and cheap labor to survive. The pandemic is wreaking havoc on those businesses, leaving many bankrupt. It will take years to replace those businesses, with the attractiveness of NYC suffering badly until then.
Told s/b fold
Motor City is an industrial city in the Midwest. A big difference.
I was talking to someone about the impact of the lockdown on urban areas. I live in the sticks, but work in a city 75 miles away. The only impact of the lockdown on me is that now that I WFH I save a three hour commute every day and a tank of gas every two days.
But for urban residents, ALL of the reasons for living in the city - every single one - has been stripped from them. And in many cities, there is no end in sight.
Another factor may be this. Now that those things have been stripped, there may be a large contingent that realized they don’t need all that stuff. They had their “come to Jesus” moment, thanks to this nonsense, and prefer to live somewhere quieter and with more freedom.
i.e. this will leave a mark.
Man, I wish I had some money to make some more money! LOL!
They used to have a program that allowed people to invest one dollar. They’d get in return, a dilapidated house that people had to promise to live in and renovate over the course of one year.
It was a program meant to restore the vitality of the downtown area.
I can’t remember why I didn’t invest, but if they have something similar, I’d do it today.
Please see my post 36. It’s about Detroit.
Interestingly, when my great, great-grandfather left Czechoslovakia for the New World, he and his brothers got into a huge fight. Most stayed in Detroit while my side of the family went on to Chicago where I was eventually born.
True enough, but New York City has overcome those kinds of problems before. I am not so much an optimist about New York as I am an optimist about Americans and America. Give us a generation or so and we manage to solve even seemingly intractable problems.
New York City has nothing the rest of America needs. With the rich and young fleeing it, only the poor are trapped there. It will be America’s biggest slum. A city so densely populated is inherently unhealthy.
Yes, there may be only one New York City just like there is only one Calcutta, India.
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