Posted on 05/22/2020 9:32:55 AM PDT by knighthawk
New York City's real estate market continues to be battered by the coronavirus lockdown and is likely to keep suffering with no end to the current lockdown in sight.
One major commercial landlord said 80 percent of their retail tenants missed rent payments in April and May and others are reporting that even companies that have healthy finances are simply choosing not to meet their lease agreements, amid growing uncertainty over how many businesses will actually work in offices in the future.
Residents are also abandoning their expensive apartments by breaking their leases or failing to renew them to wait out the crisis in more comfortable surroundings. For the rich, that means spacious homes in the Hamptons and upstate and for the young, it is their parents' suburban homes.
(Excerpt) Read more at dailymail.co.uk ...
It’s already a HELLHOLE, now it’ll be one big HOMELESS CAMP!
If you need to take a crowded subway to get to work, then most likely you’ll be looking for another job.
NYC will never come back.
If you ever wondered about how Manhattan got converted to a prison in Escape From New York, well, you don’t have to imagine anymore.
This is EXACTLY why there should never be a federal tax bailout of these socialist states!
Many companies have found that many of their employees can do their jobs from their homes, so why should they have to come into an office to work? And why should a company then pay for unneeded office space? Many of those workers will prefer to continue to work from home and avoid the commute. It sounds good both for the companies and for the employees, but not for commercial real estate. However, if the jobs can be done from home via the internet, then they also probably can be done from India or the Philippines. Look for more out-sourcing of those jobs.
To compound difficulty for the landlords, they can't borrow from banks because real estate is such a risky investment.
Read that 3 times.
Real estate is now a risky investment in NYC?
One begins to wonder how much political fall-out will ensue from this madness.
If all of this accelerates the trend towards telecommuting, the economic dislocation will be immense.
How long before New York state institutes a telecommuting home office tax?
They could call it the T-HOT. Pretty catchy, eh?
Today it occurred to me why a state would do this.
What do the vagrants now have that they didn't have before?
A mailing address with which to receive a ballot.
Something about this whole thing reeks of Cloward-Piven.
If not intentionally then effectually.
I agree Vaccine or not there are big change coming in the rat mega city’s workplaces and high rent living spaces. There are places that were actually in the process of banning single family housing, that is out the window and mass transit looks like a really bad idea now.
“the only purpose of a city”
We may be witnessing the de-evolution of cities.
This would not be the first time a major city declines.
It would be fitting that a Democrat rules as their out of control tax and spend policies destroys a once great city.
Governor Newsom is trying to do that to an entire state.
They forget, American are free to vote with their feet, and many are leaving these Democrat utopias.
Game changer, it is...
I remember a number of years ago Rush talked about how, for a city its size, NYC was being kept afloat by a relatively small number of high-end taxpayers. (I think he was still living there at the time.)
Rush further observed that the financial consequences for NYC would be devastating if even a small percentage of those taxpayers were unable to continue making regular payments, regardless of the reason.
It appears that the apocalypse Rush envisioned is at hand.
no need for cities in the 21st century.
Their costs rise exponentially with their height.
What do they produce? Legislative crime, dependency, debt and aberrant socialization? at best?
The homeless are not moving into the free motels. They’d rather live on the street. At least on the street they are free.
Doesn’t Webb’s kid live in one of those pricey digs with her husband?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.