Used to be young people and business people got up and left their small owns and suburbs for the ‘New York City’….The ‘Big Apple ‘!….
Hmmmmm?
Things are going in reverse since the Covid-19 showed up…
Not a good thing for landlords residential or commercial….
The exodus that began at the start of the coronavirus outbreak, with many New Yorkers departing to their beach and country homes, has continued unabated as more leave for good, according to city moving companies overwhelmed by the avalanche of ex-pats.
“People are fleeing the city in droves,” says Moon Salahie, owner of Elite Moving & Storing in Yonkers, who has been working nonstop since the city began Phase 1 of its reopening in June.
Salahie said 90 percent of the moves are to the suburbs and mostly families with kids worried about the school year. He’s packed people out of neighborhoods all over Manhattan.
“The least movement would be the Park Avenue and Fifth Avenue crowds,” he said. “Those people don’t have to leave because they have second homes.”
The coronavirus shutdown pushed Fatine and Oussama Fatri out the door of their midtown apartment. Fatine Fatri described “being cooped up in the apartment, two kids, my husband having to work from home.
“Before you can take them out to the park, playground. Now, that’s not even possible,” said the mother of 4-year-old and 7-month-old daughters. “It was a nightmare.”…
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FlatRate Movers said the 100 moves a day it does in the city are very different from previous years….
They said the same in the 70’s-80’s and after 9-11.
NYC always comes back. Always.
Yes Scott…
But ‘the city’ as we call it out in the suburbs IS taking a hit ..
A guy i know who works for transit says the trains are almost empty…
Several people i know that worked in offices in Manhattan say they bosses will probably give up office space and stay with at home thing for most employee’s , saving a TON of money and actually getting more production from their workers….
This of course puts the support businesses out…
Real Estate , the big companies are gonna take big hits …
The migration out will affect things for a while …
Well, the office jobs are in the cities, but now the workers don’t have to live near those cities. Most people who live in NYC want to live there, but not everyone. Count me as someone who doesn’t.
On the other hand, there will be less need for office space, so some of that office space will likely be converted to residential space, which will likely provide a long-term reduction in housing prices in that area.
Yup Z….
I image commercial real estate is taking a hit…..
Big office buildings 1/4 filled ?
These little town blues (these little town blues)
Are melting away;
I’m gonna make a brand new start of it
In old New York.
I wanna wake up in a city that never sleeps…..
[Sing it, CG]
… as (no doubt without even thinking about it) New Yorkers insist on insulting the rest of the country with, at every conceivable opportunity (e.g. New Year’s Eve).