New York City: is it DEAD?!

Is New York City on the brink of death? Record job losses, business shutdowns, and a real estate crash have the city on life support. And New York's leadership - Governor Andrew Cuomo and Mayor Bill de Blasio - isn't doing much to help..

The most gripping problem facing New York right now is economic recession. The city has lost 13% of its jobs during COVID. That's 1 in 8 eight workers without a job for nearly one full year. These job losses are the highest New York has experienced in decades.

These job losses are creating a mass exodus of people out of the city - many who will never return. Yet NYC's leadership - particularly Cuomo and de Blasio - don't seem overly concerned with these issues.

Some people believe that New York's economy will bounce back - "like it always does!". But New York was in decline well before COVID. According to data from the US Census Bureau, from 2010 to 2019 more than 900k people moved out of New York City (300k from Brooklyn, 250k from Queens, and 125k from Manhattan).

New York's sky high rents, home prices, and cost of living was causing a mass exodus even prior to COVID. That, combined with the devastating job losses over the last year, paint a scary picture for the future of New York.

Unsurprisingly, the city's real estate market has been in decline for several years as well. Values for condos, co-ops, and houses in the city started to decline in 2017 in many ZIP codes and continued the decline in 2020. It's likely that home prices and real estate values will continue to decline as the fiscal stimulus and eviction and foreclosure moratoriums subside.

But probably the most damning indicator of New York's current situation is one simple metric: subway ridership. Data collected from the MTA shows that subway rides in New York are still 70% below their pre-pandemic high.

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0:00 Intro
1:40 Record Job Losses
4:25 Long-Term Decline
7:32 Failed Leadership
9:20 NYC Real Estate
13:37 What NYC Needs
15:30 Subway Rides
18:05 Conclusions
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Видео New York City: is it DEAD?! канала Reventure Consulting