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Some people have been saying the same about NYC and for that matter, the US, too, since forever.
And they have been mistaken.
As an aside, The Trump and Kushner Orgs will be in a world of financial hurt if NY never recovers from the Covid shock. They are the tip of big real estate money in the city.
Domestic and international tourism and hospitality have substantially declined throughout the US and world.
Disney recently reduced their hours from an already reduced schedule in peak season. The “ open and they will come” strategy did not work. Tourism is half the economic engine in Florida.
Tourism is the second largest employer in Alaska. Most tourists arrive by cruise ship. How long will it be before millions are comfortable boarding a cruise ship?
No question many businesses have realized they don’t need as many employees and/ or as many employees in one physical place to achieve their objectives. This was inevitable, given technology. The potential impact on commercial real estate, regardless of location, could be serious in many areas. Does not mean the masses are packing up and heading for rural America.
Good to see critical thinking on CD. NYC will be back. New businesses will flourish and the game will go on.
Some people have been saying the same about NYC and for that matter, the US, too, since forever.
And they have been mistaken.
As an aside, The Trump and Kushner Orgs will be in a world of financial hurt if NY never recovers from the Covid shock. They are the tip of big real estate money in the city.
Domestic and international tourism and hospitality have substantially declined throughout the US and world.
Disney recently reduced their hours from an already reduced schedule in peak season. The “ open and they will come” strategy did not work. Tourism is half the economic engine in Florida.
Tourism is the second largest employer in Alaska. Most tourists arrive by cruise ship. How long will it be before millions are comfortable boarding a cruise ship?
No question many businesses have realized they don’t need as many employees and/ or as many employees in one physical place to achieve their objectives. This was inevitable, given technology. The potential impact on commercial real estate, regardless of location, could be serious in many areas. Does not mean the masses are packing up and heading for rural America.
Exactly the point I was trying to make but you notated it much better. Looking forward to responses to it. Seems many just want to make it political, as usual.
NYC has been periodically written off for centuries. It was Dutch, then British, then Dutch again, then British again, then American. It was nearly wiped out in 1661 durning the Peach Tree War, it survived burning during the Revolution, epidemics, riots, bombs, hurricanes and the Great Blizzard of 1888.
The reasons for New York's current demise is basically threefold.
1. The Virus has had an impact on big cities across the world including NYC.
2. At the same time the rioting and lack of response by certain left wing Mayors and other officials has further aggravated the situation.
3. The future is unclear as many feel that certain professions and transactions can now be done without the need of the office or from home.
However whether this leads to the demise of great cities like NYC s debatable, as they are not just financial and economic hubs but are also social and cultural hubs.
As for blaming Trump, some of his responses to the virus were debatable but he wasn't responsible for the virus, and was not responsible for the resulting global economic meltdown. Trump was also not responsible for Antifa and BLM rioting and pathetic behaviour, or the lack of response in places such as Portland, Seattle and Chicago.
I am not a Trump or a Biden supporter, and generally have a deep seated mistrust of politicians however lets have some balance and not just blame Trump for every bad thing that happens.
Agreed.
We got people blaming the California Governor for “ firenadoes” in California while ignoring the SE and gulf areas, bracing for another season of tropical storms and hurricanes.
Beck recently knocked $1 million off his Fort Worth mansion because he believes the economy will soon crash hard.
Have not heard much lately about his plan to create an Ayn Rand Utopia in some desert.
People are quick to say "Oh NYC jumped back from the 70s/80s" and "it was just fine post 9/11."
Fair enough, it has recovered in the past. BUT, realize this: in the 1970s and 80s, and to a large degree still in 2001, the US was without a doubt THE economic behemoth, THE global superpower. It could weather any storm. New York may have been crumbling 40 years ago but suburbia and places like California were thriving. The factories in Ohio and Michigan, the aerospace industry in SoCal, were all still churning and China was a poor, meaningless overpopulated Asian country. The politicians, bad as they were in hindsight, did not yet give away American manufacturing and all the high-tech know how was all still here. The middle class was big and as strong as ever.
Fast forward to 2020. The US has very little manufacturing left, which became painfully evident when the pandemic hit and we realized we can't even make our own penicillin anymore. Instead, our economy is kept afloat in a fake way where services bus drivers and restaurant servers essentially form the backbone of the economy. China, meanwhile, produces everything from antibiotics to airplanes to military weapons and with it has the know-how. China is now in a position to threaten to kill us by withholding drugs or key electronics (As it did in March when the pandemic was unfolding). Simultaneously, a new generation has been brainwashed by radical left marxist professors and teachers to hate America and see it as a fundamentally unfair, evil country. The middle class is diminishing by the day. Infrastructure is crumbling. America is destroying itself from within.
The point is, in 2020 America isn't as fit to weather these storms as it was in the 1970s and 80s. This time, New York really may never recover as it gradually becomes the same slum it was over 40 years ago.
Very little manufacturing left?
US with less than 5% of the world’s population consumes 35% of global resources and is responsible for nearly 17% of global production.
The US has to import labor and stuff because it does not have the resources to DIY.
NYC has been periodically written off for centuries. It was Dutch, then British, then Dutch again, then British again, then American. It was nearly wiped out in 1661 durning the Peach Tree War, it survived burning during the Revolution, epidemics, riots, bombs, hurricanes and the Great Blizzard of 1888.
Exactly the point I was trying to make but you notated it much better. Looking forward to responses to it. Seems many just want to make it political, as usual.
It's true that remote working has made companies realize they don't need as many employees in the office. But since it has happened all at once, across many sectors, the shock of it is very hard to absorb. It may have gone eventually in that direction--- but would have happened gradually over time. The economic ecosystem could have adapted.
It has a ripple effect, as well, which is happening all at once. No workers means the restaurants die. You still can't dine inside---but even the takeout is dead. The sudden emptiness of the city has created an eerie vacuum, where criminality and bizarre behavior is filling the void. Again, mainly from the sudden shock of removing all markers of normality at one time.
Bye bye big apple and your elitist mindset. You won’t be missed.
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