I bet not. It is not trivial to deal with all of the financial obligations to make such a move. Maybe over the course of several years, but certainly not an immediate move.
It is not trivial to deal with all of the financial obligations to make such a move. Maybe over the course of several years,....
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True... an immediate exodus isn’t possible and in fact would drive property so far down, it would go into negative territory. However, what this does mean is that the process of exodus has started and and the first step of that is ‘no new investment’ including upkeep/upgrade projects on the existing buildings/businesses/infrastructure etc. Dollars that would have been spent in New York will simply get invested elsewhere.
This is the quintessential slow-motion train wreck...