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Old 05-07-2020, 10:17 AM
 
15,882 posts, read 14,546,979 times
Reputation: 12009

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While still part of the priced out equation, the capping of the SaLT deduction in the last tax law is pushing people out. Without the ability to write all of them off on federal taxes, the full bit of NYC/S ridiculous tax levels is hitting people, especially high earners and/or people with high property taxes. A lot of these are bugging out to places like FL (I know people who did this.)

Quote:
Originally Posted by UrbanAdventurer View Post
That is undoubtedly part of it but I suspect there are many moving parts.

Just for fun I looked at the population trends of other major NE cities. Baltimore (a city with some serious challenges) is the only other one that has been shedding population steadily...since 2014 actually. DC, Boston, and even Philadelphia are still showing positive population trends. Not explosive obviously, but steady enough. Chicago is another notable one where population growth has turned steadily negative for I think it was 4-5 years now at least. One I noticed still growing fast? Seattle.

NYC lost somewhere around 800,000 people during the 70's and it was not a bright spot in the city's history as anyone who lived it will tell you. The problem is the people who leave tend to be the ones who have the means to do so and are probably the more productive taxpayers. The people who are knee-deep in government subsidies, they ain't going anywhere. No incentive to do so.
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Old 05-07-2020, 10:30 AM
 
Location: Staten Island, NY
588 posts, read 949,222 times
Reputation: 674
As others stated NYC was already going downhill, covid was the icing on the cake.
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Old 05-07-2020, 10:49 AM
 
Location: Brooklyn NY
1,019 posts, read 1,646,178 times
Reputation: 1217
Quote:
Originally Posted by proroc View Post
As others stated NYC was already going downhill, covid was the icing on the cake.
In what sense?
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Old 05-07-2020, 10:58 AM
 
Location: Lower East Side, NYC
2,970 posts, read 2,627,598 times
Reputation: 2371
Quote:
Originally Posted by Midwesterns45 View Post
In what sense?
Price mostly, politics otherwise probably. My assumption. I can't imagine other things really playing a role in ways they haven't in the past. Other arguments make me just think why they haven't left yet, or moreso why did they come in the first place.

I still am hoping for a lower priced low maintenence place to buy a more short term option too is the Essex Crossing Lottery as my temporary paycut and increased limits on AMI puts me inline with $1300 studios in the LES up to perhaps a $2.2k 2bd. I feel bad trying to take advantage of the situation, but...
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Old 05-07-2020, 01:41 PM
 
Location: In the heights
37,307 posts, read 39,639,211 times
Reputation: 21360
Quote:
Originally Posted by Midwesterns45 View Post
In what sense?
My main thing is that it's just way too expensive, especially rent / real estate. We're lucky and get by fine, but a lot of friends have left the city because of the sheer costs.

Then again, this might bring down real estate prices considerably. At the very least, I'd expect a lot of the large AirBnB operations to be reconverted back into actual long-term rentals, but there's probably a lot more than that going on in the near future.
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Old 05-07-2020, 01:52 PM
 
Location: NYC
20,550 posts, read 17,789,591 times
Reputation: 25616
People still think I am joking but it's time people face the reality that this will be the new norm for atleast another year to be optimistic. The old way of life in NYC is not coming back atleast a year or more. People who are pushing the mayor or governor to open up have no clue on the implications. There are no place in NYC that you can practice safe distance and operate. I don't care if you have N95 mask you cannot go into an eatery and eat with a mask on. Way of life in NYC will never be the same until 70% of the population has been vaccinated and that is at best a 2-3 year projection. So if you doubt what I said, watch what's gonna happen people start ignoring orders and the infection rates jump up again.

If you don't like lockdown, leave the city. I have relatives in Queens and LI that are perfectly content away from NYC.
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Old 05-07-2020, 02:30 PM
 
450 posts, read 476,856 times
Reputation: 734
What is the infection rate? Nobody knows. We can't keep living locked down in fear. Open it up and see what happens is the only way forward.
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Old 05-07-2020, 05:01 PM
 
8,572 posts, read 8,567,412 times
Reputation: 4684
Quote:
Originally Posted by Javawood View Post
For what Amazon is hiring for (tech) there already exists a pretty big base for. People just know the name Amazon. There's also Google, Facebook, Palantir, Time Warner/HBO, Salesforce, etc. etc. Long term it's a wash.

Really it's a short term outlook. The city will evolve, though we might not know how in the interim. We'll see what happens. I'm hoping prices fall on residential real estate so I can buy low!
Others are already looking for cheap real estate. Put it this way if they share your rosy impression of NYCs future they will definitely see this as a good time to buy.
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Old 05-07-2020, 05:10 PM
 
8,572 posts, read 8,567,412 times
Reputation: 4684
Quote:
Originally Posted by manimgarbage View Post
Vaccinated for what exactly? Opportunists like gates and bloomberg are already salivating at saving the world - but from what exactly begs the question: a tiny more severe flu? Where's my suicide/drug overdose vaccine? I'll take one of those since that's more potent.
Yes oh the profit opportunities those greedy capitalist lobber over. Yes the huge ROI for investing in helping African babies, or research on a virus with multiple tests and trials, not likely to monetize for at least 2 years.

When the wealthy are uninvolved the lefties cry, and when they become involved in the community the lefties still cry. Lefties aren't going to get these people's money so they must stop eying it.
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Old 05-07-2020, 05:12 PM
 
8,572 posts, read 8,567,412 times
Reputation: 4684
Quote:
Originally Posted by jen5276 View Post
To quote an attorney I used to work with "real estate agents are the scum of the earth". They only care about their commissions.

I'm sure there are a few good ones (I actually like the one I used to get my current apartment, but it was not worth paying her one month rent for showing me the place)...but they are few and far between
Oh yes and every attorney is involved in pro bono work, and they never charge fees.

Listen doctors and attorneys need not to put themselves at a high moral level. Their love of income is just as great as those who they accuse of being unethical.
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