New York is ‘dead forever’, says proud New Yorker

“I love NYC. When I moved to New York it was a dream come true. Every corner was like a theatrical production happening right in front of me. So much personality, so many stories, ”he wrote in a blog post explaining why his temporary relocation might become more permanent.

Altucher is of course not alone. The New York Times asked the “agonizing” question in June: “Is New York Worth It?” amid a mass exodus of around 420,000 residents between March and May, when the coronavirus was really exploding.

In July, there was a record 13,117 vacant apartments across Manhattan, according to a report by Douglas Elliman and Miller Samuel Real Estate Appraisers & Consultants. A year ago, that number was 5,912. In addition, new lease signatures have fallen by about 23%, leading to lower rental prices.

To be fair, New York may be feeling the deepest impact, but several cities have been hit hard. Check out the staggering statistics for San Francisco, for example:

As for the story of The Times, in addition to the gloom, there was also a message of hope from die-hards believing that New York’s “flight and resurgence” story will repeat itself.

“In these times of crisis, when things get tough in the city, that’s where I want to be, that’s where my neighbors are,” a local photographer told the newspaper. “I walked around and explored, and the city becomes even more fascinating during a time like this.”

But Altucher doesn’t see it that way. Is the city going to bounce back? “No. Not this time.” Will it remain the center of the financial universe? “Not this time.” Has New York known worse? “No, this is not the case.

He pointed out several reasons why this time is different.

First, the city center is empty. Even though people are allowed to return to work, they are not, he said, citing that the Time-Life building is almost a complete ghost town.

“Businesses realized they didn’t need their people in the office,” said Altucher, who is now in South Florida. “They realized they were even more productive with everyone at home.”

Then there is culture, or the lack of it these days. He specifically mentioned Broadway and his plans to open a version of himself next year at the earliest.

“But is it true? We just don’t know. And what does that mean? And will it only have to be 25% of its capacity? »Altucher said. “Broadway shows can’t survive on this! And artists, writers, producers, investors, lenders, machinists, owners, etc. will they wait a year? ”

And the gourmet scene?

“My favorite restaurant is closed for good. OK, let’s move on to my second favorite. Closed for good. Third favorite, closed for good, ”he wrote. “I thought the PPP was supposed to help. No? What about emergency relief? No. Stimulation controls? Unemployment? No and no. OK, my fourth favorite, or what about this place where I always ordered delivery? No and no. “

The data supports it. According to Yelp, 60% of restaurants in the United States have closed permanently. Altucher puts this percentage much higher for New York.

“What happens to all the employees who work in these restaurants? They left. They left New York. Where have they gone? “He wrote in his blog post.” I know a lot of people who have been to Maine, Vermont, Tennessee, upstate, Indiana etc. Back to live with their parents or to live with friends or to live less expensive They are gone and gone for good.

It then went into the death of the commercial real estate market and how online learning will keep students out of town as two other factors contributing to the town’s demise.

“This time it’s different. You’re never supposed to say that but this time it’s true. If you think this time is no different, that New York is resilient, I hope you are right, ”he said. “I have no advantage in saying all of this. I love NYC. I was born there. I lived there forever. I ALWAYS live there. I love everything in New York. I want 2019 to return. But this time it’s different.