Leaving New York City

[Cardboard]

https://nypost.com/2020/11/14/new-stats-reveal-massive-nyc-exodus-amid-coronavirus-crime/

Cardboard

[clutch]

They will come back... NYC is still the capital of the world.
But my guess is when they get a Republican mayor again. 

[BG2008]

I got a sizable bet that people will return.  My balls are on the line.  These articles are never easy to process.  But you don't really get paid for buying at a 3.5% cap rate of a "blue sky" NOI.

[fareastwarriors]

Is New York City Over? (Ep. 434)

https://freakonomics.com/podcast/urban-flight-part-1/

[sleepydragon]

NYC has too much tax! So people have been moving to nearby suburbs and Covid-19 accelerated it.
And they tax out of state residents as NYC residents if they keep an apt there.

[cherzeca]

NYCer for 40 yers here.  raised two kids here. talking to them I get a feel for how young adults feel about NYC.  before covid, they all loved it. after covid, "why spend this much if I am just zooming all day"? your next gen of office workers are not feeling NYC.  there are excellent coffee shops elsewhere too...

[stahleyp]

Unless there is (another) government bailout of NYC, wouldn't the taxes just continue to increase on the remaining population? I mean, a lot of this stuff is fixed, right? It would kind of create a pretty vicious cycle.``````````````````````````

[HJ]

A lot depends on how it's managed going forward.  Presumably there were good structural reasons for NYC to have become NYC, capital of the world, in the first place, be it institutional or geographical.  Some of those reasons are impaired by the aftermath of pandemic, some are not.  But clearly the short term is looking quite grim.  Whether it go on for a couple of years or a couple of decades depends on how it's  managed and how US interact with the world.  Longer term, presumably those same advantages that created NYC in the first place will resurrect it, the same way they did after the 70's.

[Castanza]

NYC has been through worse in the past (GD tent city in central park) and will probably go through more troubled times in the future. People who get fed up with taxes will leave, and people who have big ambitions and no experience paying high taxes will gladly move in and take a shot at hitting it big in the Big Apple.

For every person trying to escape a big city there is someone trying to escape their small town.

[thepupil]

I've personally sold all my NYC focused REITs and purchased a boutique hotel in Belgrade, as it's the future.

https://nypost.com/2020/11/17/serbia-is-a-new-unlikely-oasis-for-nyc-residents-fleeing-the-city/