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Note: "According to Aboud and data collected by Statista, before the pandemic, 47% of employees had never worked from home. After the pandemic, that number has dropped to 34%. The number of people working from home five or more days a week increased from 17% before the pandemic to 44% currently."
The numbers are low...yet. But that's my point - WFH was available and in use for "knowledge" workers long before COVID. I have been using collab tools like WebEx for at least 10 years. COVID just accelerated WFH. That's not the same as what you purported.
Your turn - show evidence that COVID is the cause of WFH as you stated in your previous post. Otherwise, just admit your error in logic and let's move on....
NYC mega developers Related and Brookfield spent tens of billions developing millions of square feet of commercial office space at Hudson Yards and Manhattan West in the last few years says otherwise.
This is not including the many others who have developed or is still developing office towers like SL Green’s 1.7 million sf supertall One Vanderbilt costing $3.3B or Chase’s 2.5 million sf 270 Park Ave headquarters.
I would think all these giant corporations know more than you if they are spending billions constructing new office space in the city.
Again, you're not seeing a basic picture here: you saying that mega RE developers are buying and building new office space is like you telling me that a fisherman is fishing for more fish. If they're not buying and building new office space, what are they doing in business?
Furthermore, you're mentioning RE projects that were in the making for at least 20 years such as the Vanderbilt One property which, by the way, houses nothing but banks and law firms who already have a presence in NYC. $3 billion for a Fortune-500 company is a drop in the bucket and you're making it seem like these investments are massive. They're not.
And if commercial RE is booming, explain to me what's going on around Midtown East where vacancies are so high, there's talk of repurposing them into residential buildings.
The U.S. has historically been full of political division and animosity, leading to outright violence and political assassinations that began early in this country’s history.
You just have no clue of history if you think what is happening now hasn’t always been the case. Regardless, I don’t see how this has anything to do with desirability of NYC.
Now, in a bid to prove your point, you're going to reference assassinations now? I gave you a Stanford study that shows political division over time. And you respond with a poorly-designed janky website with no academic muster. I rather you just continue to ramble your opinions than to insult me with your "research'.
Are you for real? NYC’s population according to the latest official census is at an all time high.
The census is at an all-time high because the Census was under-counted in prior editions. So the previous link I sent you still holds true. I remember listening to the census results on the radio and a statistician from Fordham was providing some useful insights.
Note: "This time around, the city also uncovered 265,000 addresses that the Census Bureau did not have on file. Many of those were simply new buildings, but others were extant apartments, many of which are classified as “hard-to-find” because they are informal apartments in multifamily houses. Nearly 122,000 housing units were added to the Census that way, and all told, more than 500,000 people were counted in these newly listed homes."
So the severe under count of over 1/2 million people plus the city's aggressive effort to increase the number of respondents resulted in a higher number. Also, I'm curious as to how many of these people are NOT U.S. citizens as I believe that even Green Card holders were able to fill out the latest Census.
You can check Zillow, Redfin, and any other real estate site to confirm the obvious: NYC like much of the NE and California are shedding residents. You can't dispute the hard data so just stop.
The census is at an all-time high because the Census was under-counted in prior editions. So the previous link I sent you still holds true. I remember listening to the census results on the radio and a statistician from Fordham was providing some useful insights.
Note: "This time around, the city also uncovered 265,000 addresses that the Census Bureau did not have on file. Many of those were simply new buildings, but others were extant apartments, many of which are classified as “hard-to-find” because they are informal apartments in multifamily houses. Nearly 122,000 housing units were added to the Census that way, and all told, more than 500,000 people were counted in these newly listed homes."
So the severe under count of over 1/2 million people plus the city's aggressive effort to increase the number of respondents resulted in a higher number. Also, I'm curious as to how many of these people are NOT U.S. citizens as I believe that even Green Card holders were able to fill out the latest Census.
You can check Zillow, Redfin, and any other real estate site to confirm the obvious: NYC like much of the NE and California are shedding residents. You can't dispute the hard data so just stop.
If NYC is shedding residents at a furious clip, why aren't home prices falling precipitously? They're not up huge YoY like FL and TX but they're not crashing.
If NYC is shedding residents at a furious clip, why aren't home prices falling precipitously? They're not up huge YoY like FL and TX but they're not crashing.
Where did I say NYC is shedding residents at a furious clip? Assuming by "furious" you mean a massive decline, no I did not say that.
To be clear, residents leaving and home prices falling are not one to one. Same phenomenon is happening in Westchester and throughout NJ. People are leaving but it doesn't mean investment is leaving too.
NYC RE market like any major global market is a great place to park money because the assets are so valuable if you can afford it. You have Russian, Saudi, and Chinese business folks parking their money in real estate. You also have private equity buying up places in the hopes that NYC will return to normalcy. You're already seeing that reflected in pre-pandemic rental prices.
The census is at an all-time high because the Census was under-counted in prior editions. So the previous link I sent you still holds true. I remember listening to the census results on the radio and a statistician from Fordham was providing some useful insights.
Note: "This time around, the city also uncovered 265,000 addresses that the Census Bureau did not have on file. Many of those were simply new buildings, but others were extant apartments, many of which are classified as “hard-to-find” because they are informal apartments in multifamily houses. Nearly 122,000 housing units were added to the Census that way, and all told, more than 500,000 people were counted in these newly listed homes."
So the severe under count of over 1/2 million people plus the city's aggressive effort to increase the number of respondents resulted in a higher number. Also, I'm curious as to how many of these people are NOT U.S. citizens as I believe that even Green Card holders were able to fill out the latest Census.
You can check Zillow, Redfin, and any other real estate site to confirm the obvious: NYC like much of the NE and California are shedding residents. You can't dispute the hard data so just stop.
Please. Just because the OFFICIAL numbers doesn’t fit your narrative, you go looking for conspiracy sites to back it up.
Cities across the country saw a resurgence starting in the last couple of decades. Prices followed. Here in the city, Covid caused a temporarily exodus but people have started to come back and RE prices have rebounded.
Now with increasing lawlessness, the growth may stall again and depending on how the next few years go it could go either way.
Where did I say NYC is shedding residents at a furious clip? Assuming by "furious" you mean a massive decline, no I did not say that.
To be clear, residents leaving and home prices falling are not one to one. Same phenomenon is happening in Westchester and throughout NJ. People are leaving but it doesn't mean investment is leaving too.
NYC RE market like any major global market is a great place to park money because the assets are so valuable if you can afford it. You have Russian, Saudi, and Chinese business folks parking their money in real estate. You also have private equity buying up places in the hopes that NYC will return to normalcy. You're already seeing that reflected in pre-pandemic rental prices.
You make zero sense and you don't know what you're talking about.
PE doesn't spend money "in the hopes" of something.
Russian, Saudi, Chinese etc. park their money in the ultra high end sector. That RE sector has little to do with the average NYCer. If I'm looking for a $1MM condo, I'm not competing with a Chinese billionaire.
So what makes Adams so outrageous when compared to Abbott and DeSantis? And 12 months ago, I read people on here (not saying you) saying that the pandemic, the mask mandates, etc. was some left-wing hoax and COVID is no big deal. What changed?
Who said I fully supported Abbott and DeSantis?? Now you're putting words into my mouth!
Please. Just because the OFFICIAL numbers doesn’t fit your narrative, you go looking for conspiracy sites to back it up.
Cities across the country saw a resurgence starting in the last couple of decades. Prices followed. Here in the city, Covid caused a temporarily exodus but people have started to come back and RE prices have rebounded.
Now with increasing lawlessness, the growth may stall again and depending on how the next few years go it could go either way.
You're comparing your official numbers from a janky website to Stanford University. Tells me everything I need to know about you. I'm going to stop debating you now.
Quote:
Originally Posted by Esacni
You make zero sense and you don't know what you're talking about.
PE doesn't spend money "in the hopes" of something.
Russian, Saudi, Chinese etc. park their money in the ultra high end sector. That RE sector has little to do with the average NYCer. If I'm looking for a $1MM condo, I'm not competing with a Chinese billionaire.
Of course I make zero sense when you prefer to ramble than look at the sites I mentioned. You just said in your prior post that NY hasn't seen the price appreciation of FL and now you're right back to saying NYC has rebounded (which it has not).
What is PE? Is that an acronym for something?
Not everyone from those places are oligarchs. And according to you, the average NYer is seeking million-dollar condos? I wish people would think critically before typing this stuff. It's a bad look. So like your buddy antinimby, I'm done debating you too because you talk and talk without the credible data.
Quote:
Originally Posted by TheWiseShopper
Who said I fully supported Abbott and DeSantis?? Now you're putting words into my mouth!
So let's step back...this is what you're replying to:
Originally Posted by Brownpine
So what makes Adams so outrageous when compared to Abbott and DeSantis? And 12 months ago, I read people on here (not saying you) saying that the pandemic, the mask mandates, etc. was some left-wing hoax and COVID is no big deal. What changed?
Do you see the 3 words I bolded for you? So how does that jibe with me putting words in your mouth?
Nyc is old news.
When young people prefer to hang out in Brooklyn over city it tell you all you need to know.
Sadly this is true. Unless the trajectory changes for some reason, WFH will continue to become the norm and the "NYC Experience" will become increasingly obsolete.
There's still too much invested in this infrastructure and system that it won't die quickly. But unless things change to be more like it was once, 20-30 years from now NYC will be obsolete.
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