Leaving New York City

[rb]

After reading through this, I felt like I wasted my 20s.
 

we all did.  but truth be known, we are better off for it

OH YEAH!!!

I'm from about the same cohort as merkhet, pupil and BG. I'm had shall we say a similar experience. Great times! But I've done my banking "apprenticeship" in London so it was a different vibe. I didn't feel I had the right to talk about it since this is a thread about the city that never sleeps. Though I didn't get much sleep in London either 

[BG2008]

Living in NYC is no different to living in a London, Paris, Milan, Sydney,  Barcelona, etc.
If you are a young person and shopping for a mate, this is where you want to be .... but it's a limited term engagement (6-7 yrs at most). You are also a big chunk of the annual churn - once you've decided to settle down you're renting in the burbs, 'cause kids are expensive!

If most WFH and zoom all day - both the opportunities and the pool of potential mates in NYC just crashed.
F*** It!, live in the burbs, travel to NYC on the weekend, and just rent a room in the DT on saturday night. Hotels are hurting, deals are abundant, and you look 'smart'. Not paying inflated rents, no car to maintain, discretionary cashflow, yada, yada. Common practice.

6-7 years? Graduate at 24/25 with a masters/designation, if the family hasn't started by 30/31 it isn't going to.
Better get to it - 'cause the clock is ticking!

Does it come back? Sure, but anyone's guess as to when
Is it cheap? Compared to what, and is the comparative relevant

SD

I think you are describing the bridge and tunnel people, ugg second class citizen in the dating pool.  Chicks don't dig!

NYC RE is one of those things that smart finance people can't wrap their head around.  But my seemingly dumb parents and relatives with elementary education understands instinctively.  Because they see ability to raise rent over time (okay not this year, but long term) and they ain't building more land in NYC.  To really appreciate how good of a business it is, you have to kind of dumb yourself down and take off your "smart value investor hat."  I mean this in a tongue and cheek way, but I am totally serious about it as well.  Because my parents who dropped out of school at first and 5th grade understand these dynamics much better than I did.  I told them about cap rates blah blah blah.  Over 10 years, I realized that a lot of my personal wealth comes from the long term appreciation of owning RE in NYC.   

[Gregmal]

Not trying to be the smartest guy in the market was some of the best advice I ever received when it came to investing. You kind of want to be a jack of all traits but a master of none.

[BG2008]

Not trying to be the smartest guy in the market was some of the best advice I ever received when it came to investing. You kind of want to be a jack of all traits but a master of none.

I think you want to be a jack of all trades but a journeyman of 2-3 niches.  I happen to be a journeyman of RE niche, specialty chemicals, and distribution density of sorts. 

[cubsfan]

I thought Illinois was bad - this is frickin' crazy:

https://www.breitbart.com/politics/2020/11/25/nyc-to-have-coronavirus-checkpoints-sheriff-warns-of-consequences-for-violating-quarantine/

“Violation of a self-quarantine travel regulation may result in deputy sheriffs serving you a mandatory quarantine order issued by the Health Commissioner. In cases of violation, Deputies could serve you with a civil summons that carries a $1,000 fine,” he said, although he emphasized that officers will be focusing primarily on large gatherings:

[cwericb]

Around here, violate quarantine first time - $1,000, second time, $2,000, third time $!0,000. I only know of one person caught 3 times and I don't know about the fine but I do know he had an extended stay in the crowbar hotel.

[SharperDingaan]

Late at night, she just doesn't want to tip her hand that she's from across the tunnel or the bridge 
Free drinks, and saves on the hotel room - smart women!

SD

[Gregmal]

I thought Illinois was bad - this is frickin' crazy:

https://www.breitbart.com/politics/2020/11/25/nyc-to-have-coronavirus-checkpoints-sheriff-warns-of-consequences-for-violating-quarantine/

“Violation of a self-quarantine travel regulation may result in deputy sheriffs serving you a mandatory quarantine order issued by the Health Commissioner. In cases of violation, Deputies could serve you with a civil summons that carries a $1,000 fine,” he said, although he emphasized that officers will be focusing primarily on large gatherings:

Unfortunately, in our states, you cant present a firearm to an uninvited guest even if its on your own property. But I do have a Tibetan Mastiff and would be happy so see one of these unwanted "inspectors" meet him. Would be especially entertaining for everyone during Thanksgiving festivities. Mind your own damn business and you'll be safe.

[muscleman]

Not just NYC, I noticed a massive exodus of Seattle as well. Just check redfin listings for Seattle. Lots of listings, especially condos, with hardly any buyer taking a tour.

[cwericb]

The real estate market in Atlantic Canada has been on fire as people from across the country and elsewhere see the area as a relatively safe place from the virus.

People are buying houses site unseen just to get authorization to move into the area. Prices are up 20%+ in the past year. The construction industry is booming and many contractors are booked over a year ahead. This has also fed an increased demand for furniture and all the other necessities required by new people moving into the area.

Ironically this has gone a long way to offset the losses the tourism industry has suffered. It seems to show that taking steps to control the virus is not necessarily detrimental to the economy.