New York City SitRep

WuWei · 2020-08-12T21:47:32.178Z

Fox Business

New York City loses hundreds of billions in wealth as rich residents skip town

Many rich residents fled to the suburbs or vacation homes to escape the densely-populated city.

I found this.

Seems the wealthy.

And this

New York Post – 12 Aug 20

New Yorkers keep moving out of the city to suburbs, other states

New Yorkers reveal why they’re giving up on Gotham, with one fed-up mother declaring the city “a nightmare.”

I wonder what the medium and long term impacts will be.

FreeAndClear · 2020-08-12T21:52:16.031Z

Tax collection medium.

Also I would like to see what happens to commercial real estate in nyc When half the companies realize that production isn’t going down during remote work what are the prices for commercial real estate going to look like and how is that going to affect the city long term

tzu · 2020-08-12T21:54:01.548Z

Lots of homes and land going for stupid prices, round here, and northward. Mostly NYers, RIers and those ratholers from Conn.

WuWei · 2020-08-12T21:58:38.799Z

You’re in New Hampshire?

DMK · 2020-08-12T22:01:59.837Z

WuWei:

I wonder what the medium and long term impacts will be.

Medium, loss of tax base and possible blight. Housing prices drop.

Long term, probably investors and urban renewal. Housing prices rise.

There is money to be made in this crisis. And for the politicians, never let a crisis go to waste.

tzu · 2020-08-12T22:02:41.953Z

Yes.

My business partner and I have been negotiating for 200 acres of farm land, and a hundred of current use, for a minute.

Reasonable price, and costs. Just working details on variance and a subdiv on the current use.

We got hosed by a NYC cash only, 1.5 above, all costs by buyer, stealth hit.

225k homes in my area are going at 325k. 75, 100 acre lots in the lakes are vanishing.

WuWei · 2020-08-12T22:04:24.294Z

tzu:

Yes.

My business partner and I have been negotiating for 200 acres of farm land, and a hundred of current use, for a minute.

Reasonable price, and costs. Just working details on variance and a subdiv on the current use.

We got hosed by a NYC cash only, 1.5 above, all costs by buyer, stealth hit.

225k homes in my area are going at 325k. 75, 100 acre lots in the lakes are vanishing.

I hope it works out for you. That’s a shame.

Doesn’t seem “fair”.

tzu · 2020-08-12T22:05:27.229Z

Eh, that’s business. We were going to farm it. Doubt the buyer will do the same.

But, thank you.

WuWei · 2020-08-12T22:08:07.171Z

tzu:

Eh, that’s business. We were going to farm it. Doubt the buyer will do the same.

But, thank you.

I doubt it too. It’s a shame sellers don’t take intention into account sometimes.

I have no doubt you would be a better neighbor than some yahoo from NYC.

Jezcoe · 2020-08-12T22:11:04.098Z

FreeAndClear:

Tax collection medium.

Also I would like to see what happens to commercial real estate in nyc When half the companies realize that production isn’t going down during remote work what are the prices for commercial real estate going to look like and how is that going to affect the city long term

Residential rents have already started to go down in NYC.

Friends of mine are using this time as an opportunity to upgrade to better places.

WuWei · 2020-08-12T22:11:58.067Z

So it’s policies causing it?

Snow96 · 2020-08-12T22:40:44.793Z

FloridaYankee:

I haven’t read the thread yet, but realtors are saying all the big cities are losing people due to the work at home phenomenon, and especially NYC and San Francisco. People don’t need to pay the inflated real estate prices anymore when they can live in the burbs and work from home The pandemic is really fueling things as well.

Yep. My daughters husband is one of them. Before the pandemic, they had twice weekly in office meetings. other three days work from home. They lived in LA – and paid a ■■■■ ton of money for a little studio apartment. By little I mean kitchen table, bed, and a couch would fit in it.

After the pandemic, the company bought a virtual meeting software system (not something like zoom or facebook or anything, but a business specific, have to have the same software both ends) and stopped the twice a week in office meetings and started doing them virually.

Couple months later the business informed the employee’s that this would be how it will work from here on out. Moved the execs out of the office, and told the employee’s they could live anyplace they wanted in the country as long as internent service met certain conditions.

Long story short, my daughter and her husbands 6 figure income is now in Utah. No longer paying the california tax (and the tax on gas, the tax on groceries – my daughter said she even thinks there may have been a tax on breathing air in LA).

Now Utah is getting a much smaller amount of their money (in taxes). And they pay a lot less rent and live in a much much larger 2 bedroom apartment in a nicer neighborhood (than they were in LA). Only thing they say they miss is the rooftop patio with grills and pool.

occu · 2020-08-12T23:04:37.309Z

I don’t want to get off topic but I think the REITs are gonna get pummeled.

Back on topic I moved from Chicago pretty much because of taxes and cost of living.

WuWei · 2020-08-12T23:05:55.998Z

occu:

I don’t want to get off topic but I think the REITs are gonna get pummeled.

Back on topic I moved from Chicago pretty much because of taxes and cost of living.

Were you actually in the city?

occu · 2020-08-12T23:07:28.978Z

Edison Park, furthest neighborhood northwest, worked everywhere in the city limits for the gas utility there. @SneakySFDude

zantax · 2020-08-12T23:13:45.677Z

FloridaYankee:

WuWei:

FloridaYankee:

WuWei:

Is there an exodus from New York City and if so, why?

I haven’t read the thread yet, but realtors are saying all the big cities are losing people due to the work at home phenomenon, and especially NYC and San Francisco. People don’t need to pay the inflated real estate prices anymore when they can live in the burbs and work from home The pandemic is really fueling things as well.

Thanks, makes a bit of sense. What about the epidemic is fueling it do you think?

People working at home. I can think of half a dozen friends and relatives working at home that never did until the pandemic. For some companies, it is working out well.

It’s working out well for me too, as they are buying and building a lot of houses. Mid and upper level executives by the truckload.

Wife’s company is dealing with this, Interestingly they are starting to come to grips with their classcist and yes racist assumptions that the peons can’t be trusted to work from home but the mostly elite white management class can be. So that’s good.

DMK · 2020-08-12T23:21:34.647Z

zantax:

Wife’s company is dealing with this, Interestingly they are starting to come to grips with their classcist and yes racist assumptions that the peons can’t be trusted to work from home but the mostly elite white management class can be. So that’s good.

You either produce or you don’t.

What I hate is the overseeing of time on the computer from 9 to 5. People need to get up, walk around. Throw some laundry in.

At the end of the day, if they’ve met the goal great. If they’ve exceeded to goal even better.

If they haven’t then cut them. There are plenty of people who’d give their eye teeth for the opportunity.

GWH · 2020-08-12T23:25:27.892Z

My sister (accountant) works from home, says her office is more productive than before. They were going to have to upscale their office just before this hit, now they’re thinking of downsizing and continuing work from home with a small office presence.

If this is a microcosm of what’s going on in New York, short term I can see real estate values plummeting, higher taxes to make up for shortfalls in the budget, and an overall decline in quality of public services.

Long term, after they’re able to get crime under control, and AOC starts begging businesses to come back with tax incentives, the filthy rich will buy up all the cheap real estate and have another go.

zantax · 2020-08-12T23:36:46.643Z

DMK:

zantax:

Wife’s company is dealing with this, Interestingly they are starting to come to grips with their classcist and yes racist assumptions that the peons can’t be trusted to work from home but the mostly elite white management class can be. So that’s good.

You either produce or you don’t.

What I hate is the overseeing of time on the computer from 9 to 5. People need to get up, walk around. Throw some laundry in.

At the end of the day, if they’ve met the goal great. If they’ve exceeded to goal even better.

If they haven’t then cut them. There are plenty of people who’d give their eye teeth for the opportunity.

Yep this, not different really, if you can fire them for non-performance of their duties you can do it whether they are in a physical office or not in a physical office.

Plus hope this work from home thing sticks because, work from home or work from a tropical climate in the winter, same thing and I HATE WINTER.

WuWei · 2020-08-18T14:43:56.387Z

I heard on the news yesterday 13,000 unoccupied apartments in Manhattan. Sounds like a lot.