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If you havent heard yet there are talks happening this week about moving the New York Stock Exchange and Nasdaq to Texas. Not only the stock market will be effected but all the data centers located in New Jersey will be going also with them. Obviously this will hurt New Jersey, but how much in regards the housing market?
Why would the data centers move ?
WFH has proven that this can be done remotely.
NanoSeconds count on the stock markets,
All the traders try to get there computer as close to the market as possible. To run the stock market computes 2000 miles even at light speed of fiber optic cables, those fractions of a second make a difference.
I used to work for a Fortune 500 company located in North Jersey. They relocated many of their operations to Texas years ago. There are so many things going on in NYC that are not positive , so I don't think NYC will ever recover from covid. But if the stock exchange leaves, NYC will be like Detroit. NJ housing market will be affected but it will take about 2 years to fully deflate.
NanoSeconds count on the stock markets,
All the traders try to get there computer as close to the market as possible. To run the stock market computes 2000 miles even at light speed of fiber optic cables, those fractions of a second make a difference.
I thought they used cloud technology. They still have their own servers? Wow.
If this were to happen, wouldnt it just push more people to NJ suburbs and help the market? thats basically whats going on now anyway.
No. It would cause flight from NJ as the servers don't need to be here anymore. Massive flight if NYSE leaves NY to another state. If NY goes down the drain NJ will surely follow.
If this were to happen, wouldnt it just push more people to NJ suburbs and help the market? thats basically whats going on now anyway.
Not really. A lot of NJ, especially Central and Northern NJ are bedroom communities for New York, so if there aren't these big jobs in New York anymore, there is nothing to replace them in NJ. So the real estate market will collapse as there won't be the demand to get close to NY and trains/roads that go to NY. And since NJ is so anti-business, unless the government grovels, there won't be new businesses in NJ to take over and get people to stay. And meanwhile there won't be any decrease in cost of living in NJ, so everything will just get harder and harder to live here.
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