A thought on #NYC: the city isn’t dying, but it has problems: the cost of living is too high, #incomeinequality is rampant, and the city’s blood runs through its #transit system. Some things to consider:
(1) The #rent is too damn high, the residential market is distorted, and despite a 10% decline in #Manhattan rents they are still among the highest in the country #housing nytimes.com/2020/08/18/nyr…
(2) Some people are leaving the city. #Housing demand in the #suburbs can shift back to the city, but the suburbs make more sense for families now nytimes.com/2020/08/30/nyr…
(3) #Commercial #realestate market distortion is another problem killing small businesses, when #landlords have sufficient income from residential rent, they can afford to leave stores vacant nytimes.com/2020/05/29/opi…
(4) #Schools in NYC can re-open, but for how long? Most large #office tenants in the city will likely remain shuttered for an extended period and NYC apartments are too small for most couples and growing families, particularly if schools need to shut down nytimes.com/2020/08/07/nyr…
(5) People don’t need to be lectured by the super-wealthy on the future of NYC. Jerry Seinfeld has a net worth of around $1 billion. 99% of people don’t have his financial resources to navigate the economic fallout of the pandemic #incomeinequality nytimes.com/2020/08/24/opi…
(6) The challenge that #NYC will have to face after the pandemic is how to get the city back for working people. Now is the time for new and better policy choices. @theatlantic theatlantic.com/ideas/archive/…
(7) #Coronavirus won’t kill #NYC, but a crumbling #transit system might. If the @MTA falls, the city's recovery will be extremely difficult #subway nytimes.com/2020/08/27/nyr…
