If the Covid-19 shutdown in New York City has taught us anything it is that location, location, location in real estate doesn’t mean what it used to mean.
Why does anyone need to live in New York City or its suburbs?
Manhattan will not be the Big Apple ever again.
Why would anyone pay sky-high rent or a mortgage to live in a community with easy access to the city? The job will not be there anytime soon. The cultural amenities will be lost for a long time.
No, the idea of location to real estate in New York is gone. Both residential and commercial real estate are going through a drastic pricing reset as a flood of properties hit the market.
From Fifth Avenue apartments to brownstones in once-gentrified neighborhoods in Brooklyn to single family homes in Queens, Staten Island and The Bronx these properties have plummeted in value as people realize they have to get out with whatever return they can get from their investment.
The Covid-19 shutdown initiated the beginning of the NYC’s lost decade and we have no one else to blame other than New York Governor Andrew Cuomo and New York City Mayor Bill de Blasio.
Their decisions and choices during the Covid-19 shutdown and subsequent George Floyd riots coupled with the defund the police efforts put the final nails in NYC’s coffin.
In January the thought of Manhattan being a desolate island with boarded up store fronts with nightly shootings and rampage was unthinkable. Now eight months later it is a daily reminder what Democratic leadership can reap on its citizens.
The escape from New York is real. You won’t see it mentioned in the press because everyone has a vested interest it trying to keep the Big Apple afloat.
But heed this warning, the Big Apple has so many worms in it that it will sink and not float for a long time.