Posted on 01/14/2021 12:55:21 PM PST by Vendome
One unfortunate standout, however, was in the New York Fed’s district, which covers New York City, upstate New York, and northern New Jersey. In this region, conditions in the real estate market are tough all around, with the struggles of New York City perhaps the clearest sign of how deeply cities continue to struggle during this recovery.
“The residential rental market has continued to weaken, led by New York City,” the Fed’s report said. “Partly reflecting increased landlord concessions, effective rents in Manhattan and Queens are reported to be down more than 20 percent from a year earlier and down 8 percent in Brooklyn. Rental vacancy rates across New York City are reported to be at multi-decade highs.”
The report added: “Commercial real estate markets have weakened further, to varying degrees, across the District. Retail and office markets have been particularly weak in New York City, with asking rents trending down and well below year-earlier levels.”
(Excerpt) Read more at finance.yahoo.com ...
Another year and it will crater
Maybe they'll all just go bankrupt. Or even better starve.
Cities seeing erosion in the housing market while areas outside of cities are seeing a boom. The reason, people in cities are selling homes that have a much higher selling price and moving where they can pay cash for a home and have money in the bank.
In other words, they are cashing out of city life in favor of homes in the burbs and beyond.
Northwestern NJ was seeing a serious decline for many years, but now is experiencing a very temporary uptick due to the virus. The long-term problems remain, but for anyone temporarily working remotely it is a much better alternative to NYC. On top of that, it is part of the conservative section of NJ (semi-rural); no BLM, or even real cities, out there.
They should be glad of this. With the climate and all.
... and from there, with Biden’s policies and AOC we can only imagine how bad it will get.
What we see is Nuttin in comparison!
Riot zones, empty buildings, businesses gone under...
Empty streets.
It’s looking like an apocalypse movie out there
Many are selling their places in the NY City is because they were trapped in 700 square foot apartment for now almost 10 months and feel vulnerable - I know quite a few that have moved out.
Florida real estate is warm and getting warmer. Not a lot of inventory and prices are 30% above just a year or two ago.
With these days of doxxing and protesting anyone for anything, who would be chained to a mortgage near any of these Communists? Much easier to cut loose losing a month's rent than have them destroy your property. They can ask Leftist Portland Mayor Ted Wheeler what few options you have when the mutants show up outside your residence.
The idiots are all moving to Florida...they cannot build houses fast enough down here..
Florida will turn blue just like Colorado and many other states
#6 on the median age chart, more housing turnover?
Housing prices in my area of Western NC are up 35% from this time last year.
This is the destruction of the Trump economy they prayed to their demon for. Let them revel in it.
Once they realize they can murder their babies in red states, too, they’re off and gone.
Other issues are 1) who needs to own/maintain a house if there are no children, and 2) who believes steady work for decent wages will be available in one area for 30 years?
This is like mass migration out of the NYC blast zone after 911. House prices in lower Jersey and PA (Pocanos) skyrocketed.
Why live in a tiny apartment with stratospheric rent when you can telecommute from anywhere?
The Law of Unintended Consequences has caught up with the Democratic Leadership of New York.
The COVID Conspiracy cooked up to take the election from Trump may have succeeded in its objective but it seems to also killed the cities that are the Democrat’s power base.
The housing market crashes completely after SFB Biden gets sworn in.
You think 9% unemployment was bad under Barky? You aint seen nothing yet.
CA will lead the collapse-even worse than it is now.
I am at a hairs width of saying that I am glad Trump wont be POTUS during the upcoming event that will put the end to this republic forever.
I give it 8 months at the most. Just after the last of trumps policies are over, it starts. Course, SFB Biden can kill Trumps policies beforehand. They are that stupid.
By this time next year we will see rapid inflation-that starts this coming June to August. Or maybe sooner.
BTW, Trump predicted this, and he is correct.
Idiots who celebrate blue staters fleeing to “red” states are then shocked when their states become purple or even blue.
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