Connect with us

Hi, what are you looking for?

Opinion

New York, A City in Decline?

New York, A City in Decline?
Photo by Jonathan Riley on Unsplash

When the pandemic first reared its head in the United States, New York was one of the places hardest hit. When panic was at an all-time high, the residents who could afford it decided to leave the densely populated buildings, sardine-packed subways and crowded streets for more rural and secluded areas. Not to mention, many were already considering leaving the city due to high taxes. Despite the declining positive coronavirus cases, this former hotspot hasn’t bounced back to its former population size. Is it the fear of a second wave or a newfound comfort in the more secluded lifestyle?

Vacant Apartments

As the masses evacuated, they left their apartments empty and unattended. Manhattan’s vacancy rate hit a 14-year high in July with more than 67,000 units available across the city. The huge supply has driven down rental costs, causing a 10% drop compared to this time last year. The question is, will the lower prices help to fill all these vacancies? The unemployment rate in New York City hit over 20 percent, double the highest rate during the Great Recession. This leaves many struggling to pay their existing rent, and the option of springing for a new place, out of the question. Thanks to increased unemployment benefits, some were able to get by, but the benefits have not been extended. Eviction holds lift on Oct. 1.

The Local Economy

It isn’t just apartments. Office buildings aren’t nearly as full as they used to be. Following stay-at-home orders, many employers have decided to allow their employees to work at home for the foreseeable future. With so many able to make it work, will there be a reason to return to the office in full force again even after the virus has subsided? Many retailers are still closed or exercising reduced hours despite the effort to reopen. But Amazon announced that it would create 2,000 jobs for New Yorkers. They will work out of Lord & Taylor’s Fifth Avenue Building, which Amazon bought for $1 billion in March. So, some still have hope in the possibility of recovery.

18 hours ago
The Norwegian Women’s Beach Handball Team Was Fined for Wearing Shorts. - https://t.co/pmzHLb7nMz
19 hours ago
New Infrastructure Bill: Why the Crypto Community Is Not Happy - https://t.co/9IbXioPRYw
20 hours ago
ScarJo vs. Disney: Why This Lawsuit Is so Significant - https://t.co/iksIL5PMCe
21 hours ago
The Olympics aren't getting the viewership it's used to. But, thanks to social media platforms like TikTok, Instagram, and YouTube, fans can see highlights and behind the scenes of the games.
Are you watching the games? If so, how? https://t.co/VAUj4HFHkh
22 hours ago
Should A Vaccine Be Mandatory? Here’s the Deal - https://t.co/VT19PKaIjL

You May Also Like

Business

A new Starbucks location isn’t just a bat signal for coffee drinkers. It is also an indicator of growing real estate values in the...

Opinion

I am a Robinhood user. I downloaded it to enter the world of investing. Some of my friends from college recommended it because it...

Politics

It’s almost been a year since the statewide lockdowns began to spread across the country. Since then, qualified Americans only received one stimulus payment....

Business

Have you ever heard that Denmark is the happiest nation in the world? In this segment on happiness, we hear from our guest host...

Copyright © 2021 Bold TV. Bold TV is owned and operated by GenBiz Inc. a 501(c)(3) non-profit organization.