Foot traffic still down in NYC

[MKTwet]

The only time there's foot traffic is at nights and weekends when all these Gen Z and millennials come out of their overpriced apts to wine and dine.

There will never be a return to full in-office work anymore. It's over. NYC better cut their payroll instead of increase taxation. The tax base is leaving faster than ever.

Speed cams every corner? How about start ticketing bikers and scooters for speeding and traffic violation that will help eventually the congestion tax will cut down foot traffic even more.

[Veritas Vincit]

If even 10% of the jobs that went remote in the pandemic stayed remote and if of the remaining jobs just half went from 5 days a week presence to 3 days a week presence..that'd be a huge foot traffic impact for a place like lower Manhattan. And that's just not going to come back.

[MKTwet]

If I were a landlord with commercial RE, I look to convert or sell the building fast. Eventually NYC will be converted into one large dorm for migrants or even more affordable apts coming. Then the rest will be occupied by restaurants and smoke shops.

A lot of companies with lots of empty offices that signed long term leases will look to sublet or downsize very soon. It's a slow domino effect because of the covid cheap loans many companies that took them renewed leases and eventually when the lease is out they are downsizing or leaving.

When you see Starbucks closing and moving stores around you know they are trying to follow foot traffic.