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I think the only way NYC can see a sustainable future is by scaling down in size / density really. It's still a headquarter city for many firms & industries (plus you have the NYSE, etc.). But will the NYC of the future need or be able to sustain the many millions of people currently in the city & surrounding region? I'm not so sure.
Manhattan still has that glamour, that magic, that challenge, that sense of unknown opportunity. It may tarnish, and it may even someday lose that - but not yet.
However, you do better in NYC if you have a good grasp of English, including sentence structure and punctuation.
Manhattan is a city like no other in the world. I'm happy to see a short dip in prices and finally buy that place we've wanted, but doubtful it will drop much. One can only hope!
Will and or are people leaving city? Yes. Is it all covid-19 related? Not exactly.
Right now for those who can manage right now is an excellent time to buy a home. Mortgage rates are hitting even below historical lows, and some sellers are highly motivated which is lowering prices.
Young single persons, transplants, etc... have already begun leaving for reasons of their own such as loss of job (temporary or permanent), fears over covid-19, etc... How many will return is anyone's guess, so is how many more will leave.
Mortgage rates are low but so is the inventory. Even though I'm already buying something, I still check out what's popping up in every single area I had been searching. A few coops/condos and almost no houses. Prices are still the same as they ever were. (Not talking about multi-million dollar properties.)
Lol...desperate to sell your property? Not gonna happen.
I don't have or own property anywhere lol. Just speaking facts if you think NYC won't eventually come back (people always say NYC will eventually die and it never does). NYC would have to be atomically bombed like Japan back in 1945 or something for that to happen.
The only thing I agree with you is it may not happen anytime in the immediate future. I don't expect NYC to just bounce back like it was very fast, but it'll happen gradually.
At some point companies are going to get tired of having minimal interaction, minimal productivity, work from home situations, and are going to want their employees actually interacting. So at some point, the companies are going to want their employees in the office.
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More and more companies are questioning whether they will ever call folks back. I know many in both Ct & NY that ended leases and retained all staff working from home.
Technology easily has accommodated this with little change in productivity.
NYC will return, with record visitors in a few years. Many long term residents will move but others will move in to live the "NYC dream" that has brought so many others. Many industries will be changed though, and the echo of the pandemics impact will be felt in ways like that.
I recently had dinner with a friend of mine who until recently worked for JP Morgan Chase. He said that as a company, Chase hates having people working from home, and is doing everything they can to get their employees back into the offices.
The mass move to remote working is an artifact of the Covid Pandemic. When it blows out, companies will review the impact of large scale remote work. With the pressure of the pandemic removed, I'd bet they'll want their workers on a shorter leash.
Quote:
Originally Posted by BobNJ1960
More and more companies are questioning whether they will ever call folks back. I know many in both Ct & NY that ended leases and retained all staff working from home.
Technology easily has accommodated this with little change in productivity.
NYC isn't going anywhere, that's a true statement. What it will be left with are the Very Rich and the Very poor residents as they both make out handsomely here.
Middle class is done. Much like many Large cities around the world with Socialist/Communist leadership.
the middle class likely is going to stay because we have more renters than owners and half of all rentals in nyc are stabilized ...that is a big deal to consider for millions...the ability not to get tossed out at the whim of your landlord and the ability to have zero to small rent increases is a big factor for many and very few places offer that
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