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Yes we will go through hard times, but the idea that we are going back to the days of the 70s is laughable. Is it possible? sure...it is also possible we will be invaded by martians, or NYC will be destroyed by an 5 miles wide asteroid. The reality is the economy, and most things are cyclical. The recession of the early 90s hit NYC hard, with RE taking a hard hit, crime at record levels, and the middle class fleeing. So yes we will go through tough times in 2009 and likely 2010..but so what? To assert that life as we know it is over, or that the anomoly of the 70s will happen again in a few months is ridiculous. When people start burning down Brooklyn again, and race riots are the norm, and massive looting becomes a nightly occurence...then we can talk about it.
What race riots???
I grew up in NYC and I don't remember any race riots.
Anyway, I don't believe it will be like the 1970s, but there will be hard economic times. Crime won't be as bad due to the technology law enforcement put in after 9/11. The city has cameras EVERYWHERE. Criminals will only be able to get away with so much. Not too mention NYC has 45,000 police officers. It's like having a mini-army.
Well I'm sure many of them were doing 2x better than a lot of us who are already suffering. Unfortunately they might have to give up their housecleaners and move to Queens *gasp*
Ouch!!! And many of them might even have to fill out an application form with their housecleaners to rent a basement out there in Queens where many of the Manhattan big shots won't normally be caught dead.
Perhaps the cleaners would be well advised to run a proper credit check and treat the transaction on a pure business level. Ignore all the fancy derivatives that their bosses produce, all the leveraged securities, real estate holdings of now questionable value - and just focus on their bosses' job security. Oh oh, that might be a problem too for their bosses these days.
I grew up in NYC and I don't remember any race riots.
Anyway, I don't believe it will be like the 1970s, but there will be hard economic times. Crime won't be as bad due to the technology law enforcement put in after 9/11. The city has cameras EVERYWHERE. Criminals will only be able to get away with so much. Not too mention NYC has 45,000 police officers. It's like having a mini-army.
45,000? Yeah back in the 90's. Today the NYPD is around 32,000.
The banks chose to play with fire, and THEY GOT BURNED.
The news sensationalizes these people losing their jobs. Many of these "unfortunate" people were making tons of money -- an associate can pull in 150k easily, and people often hit associate at age 26, 27. Those 34 year old guys probably make from 300k into the millions per year, depending on their job function. Many of them should be able to survive on savings, thats if they practice what they preached and invested their own money safely and wisely.
To maintain the baller lifestyle many bankers live, they will need to get jobs at a Barclays or a smaller bank like Jefferies in NY. However, many banks in NY are overstocked, & Im sure the hedge funds only want to hire top talent...so maybe x% of these people get jobs. Look for the remainder to get out of town (esp to Chicago, London to stay in industry or somewhere else for career change). Fact is they wont be making what they once were in New York, and being a middle class Joe in the outerboroughs does not suit many of these people. Westchester, LI and CT will become too pricey, and whats Greenwich if you dont have the job to keep up with their elite version of the Joneses. Its all about broadway shows, bottle service at the hot new club, and black cars to Nobu every Friday to many in the finance industry. If they are not doing this, then there is MUCH LESS money going into the local economy.
To all you gentrifiers out there, you need to understand the consequence of this, the front lines of the yuppie land border will probably be pulled closer to Manhattan. Its not as if hipsters were dropping $2.5 million on a brownstone in Fort Greene. Many support what they perceive as benefits of displacing everyone else because the white collar upper class brings more money. However, many of you fail to see that a bunch of ethnic european firemen and mechanics are more stable than you think, and it is important for the future of New York to keep these places in tact. If the yuppies can have the rug pulled out from under their feet, then anyone in a private Manhattan job needs to be careful.
The boroughs do not need to be chock full of Iowans who come to blog about a place theyve been for five minutes when they are going to leave. The boroughs need to be a working/middle class staple for New York (and upper class in certain historically wealthy enclaves) who have roots here, because when the economy tanks, these are the people that will still be living in New York.
Guess I'll just stock up on water, milk, bread, arm myself with that stiletto.
I like Miles so count me in too. Cept I'll bring a knife instead of the stillettos LOL.
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