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Actually, the opposite will probably happen. The whole idea of commuting for many jobs is ridiculous in the era of high bandwidth and intimate interconnectedness. In 10 years, more and more jobs will allow for remote execution. In fact, commuting will be an anachronistic joke in the next 20 years for most professions. The whole idea of sheep herding and crowding into Manhattan every day so that they can have discussions and write reports in ludicrous. It's a waste of time, energy, money, gas, resources, you name it. A paradigm shift is underway and commuting will be going away in the next 20 years. So by the time they build that tunnel, we won't need it. So home prices will not be affected by this tunnel, if it ever gets built at all.
I don't see it happening. There are already talks of a real estate bubble. There is a trend of people moving out of the suburbs and back into the cities. Rates will be on the rise.
There have been some migration patterns of people moving from Sussex and other western counties into Bergen County, but not in huge numbers.
Last edited by Kevin1975; 03-30-2016 at 02:05 PM..
Reason: typo
Arent the prices booming now? Has it not been booming for some time now? Even during the GFC, I dont think the home prices in Bergen crashed much, unless it was Hackensack, Englewood, Teaneck.
Prices are already overinflated in some areas. Why is there going to be a boom? Because of a tunnel that might never be built? Also, where are all these high income jobs coming from? NYC/NJ does not have any industrial/tech booms going on like San Fran, and I don't see any signs of that happening. If anything, the next Governor will probably proffer to the unions for votes and the State/Property taxes will increase, thus lowering your home value.
Arent the prices booming now? Has it not been booming for some time now? Even during the GFC, I dont think the home prices in Bergen crashed much, unless it was Hackensack, Englewood, Teaneck.
Every town in Bergen took a hit and are still below their 2008 highs. Some towns have recovered better than others. Some towns were flat last year and some were even down. Total sales is up, so prices aren't booming. There has been modest gains in some towns.
Are they actually building a new tunnel after all? I have heard so many rumors that I just assume its not going to happen.
They're going to have to build one. Hurricane Sandy (which C Christie didn't cound on when he nixed the other tunnel)did a number on the existing tunnel. It will be a real crisis if they have to close one tunnel. The gridlock into the city would be enormous. Of course if they don't build a tunnel, and they have to close one, NYC real estate would be superbooming. Hedge your bets, buy property in both places.
Actually, the opposite will probably happen. The whole idea of commuting for many jobs is ridiculous in the era of high bandwidth and intimate interconnectedness. In 10 years, more and more jobs will allow for remote execution. In fact, commuting will be an anachronistic joke in the next 20 years for most professions. The whole idea of sheep herding and crowding into Manhattan every day so that they can have discussions and write reports in ludicrous. It's a waste of time, energy, money, gas, resources, you name it. A paradigm shift is underway and commuting will be going away in the next 20 years. So by the time they build that tunnel, we won't need it. So home prices will not be affected by this tunnel, if it ever gets built at all.
I think remote working is okay for a day or two weekly but not every day. There has to be a place where everybody can converge and work and discuss. Today it is Manhattan. Maybe tomorrow it would be some other city but there would always be cities for working. Or perhaps places like Ridgewood where a remote working office (for multiple company's employees) is coming up soon. Look at what Yahoo did with their remote working policy.
At least I won't be able to work remotely with no people contact at all for weeks and months.
Are they actually building a new tunnel after all? I have heard so many rumors that I just assume its not going to happen.
If for no one else Amtrak needs replacement tunnels for the aging PRR Hudson River crossings that are well past their lifespan *and* were damaged by SS Sandy. New Jersey Transit is welcomed to come along for the ride, but for the sake of NEC service Amtrak needs those new tunnels.
If as originally designed and conceived the GWB had rail tracks things *might* be different. Building a new bridge isn't going to happen either.
It is going to be interesting to see what sort of financing plan the corrupt and disorganized PA comes up with to fund the NJ and NY portions.
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