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Manhattan real estate will be incinerated. It will be a generation before it comes back, if ever.
The entire planet is realizing you don't need to pay a fortune to live like a sardine, merely to do knowledge-based work. Covid-19 is putting remote digital knowledge work on a light-speed rocket to not only prominence, but dominance. The city centers will be first to fall. Next to fall, high-tax, high-spend states, especially those with bankrupt pension systems (Illinois, New Jersey, California). And watch pseudo-unicorns like WeWork go debt supernova, as the dizzying amount of red ink morphs into the black hole of bankruptcy -- this will destroy commercial real estate in New York, London, and others. This is happening real-time (see SoftBank refusing to pay its next $3 billion tranche to WeWork).
Communism isn't the common denominator in countries that have more effectively curtailed the outbreak. Recall that China's governmental structure was what initially lead to a lot of cover-ups and disinformation in the crucial early days of the spread. They were effective after the national government ramped up its response, but that already meant the virus had spread to many, many other parts of the world with many different vectors.
And that's IF you believe the numbers coming out of China. That's part of the problem with communism or with any system where all means of official communication are controlled by the state and dissent is not tolerated. Its hard to know what information you can trust.
8 days to get results back? That's a much, much longer period of time than what I hear about testing in Taiwan and South Korea. What makes US tests so special?
Seems weird, but I trust the reports. I know people who were tested (and not because they were admitted to the hospital) and had their results back in 2 days. One was in Ithaca and the other in NYC.
Communist China and New York City are similar in that the political elites like Cuomo and DeBlasio
spread misinformation. Cuomo blames the federal gov't although he refused to buy ventillators in 2015, 2016, 2017,2018, 2019 and today. DeBlasio told people to go out on the town while the virus was being spread. Now NYC or Cuomo is possibly hoarding ventillators purposely, that the rest of the US needs. He calls it stockpiling but it is sort of like hoarding toilet paper, although alot worse.
And at this point yes the global economy is going to tank clearly.
.
Dow went up by almost 700 points today... strange way for global economy to tank. As I already posted, about 100 years ago, there was a world war followed by a flu pandemic that killed at least 20 million people (but probably closer to 50 million, records were not kept very precisely). This was immediately followed by the economic bonanza of the 1920s. Everything points to the probability that we will see a replay of that (though hopefully with fewer deaths).
The economy and many other things will be very much changed, no doubt about it, but without tanking. Recession will probably linger for several months to a year about where it stands right now, but after that the global economy will get very healthy. Along with the rest of us who survive (and the great majority certainly will).
Manhattan real estate will be incinerated. It will be a generation before it comes back, if ever.
The entire planet is realizing you don't need to pay a fortune to live like a sardine, merely to do knowledge-based work. Covid-19 is putting remote digital knowledge work on a light-speed rocket to not only prominence, but dominance. The city centers will be first to fall. Next to fall, high-tax, high-spend states, especially those with bankrupt pension systems (Illinois, New Jersey, California). And watch pseudo-unicorns like WeWork go debt supernova, as the dizzying amount of red ink morphs into the black hole of bankruptcy -- this will destroy commercial real estate in New York, London, and others. This is happening real-time (see SoftBank refusing to pay its next $3 billion tranche to WeWork).
I don't believe that too much. They said that about Paris, about London, about Tokyo, Seoul, pretty much every large city and yet, the prices are still high despite all those crises they have been though. Why would that change now?
There's no empiric example to support that. The price might plunge temporarily, it's a bit like the stock exchange, but we know this will come back up again at some point. Similarly, I fail to see how this will go down.
Let's put it that way, if your belief is that NYC prices will go down and allow someone who couldn't afford to buy in the city, to do so, I think that belief is not founded on concrete evidence.
And that's IF you believe the numbers coming out of China. That's part of the problem with communism or with any system where all means of official communication are controlled by the state and dissent is not tolerated. Its hard to know what information you can trust.
I don't believe that too much. They said that about Paris, about London, about Tokyo, Seoul, pretty much every large city and yet, the prices are still high despite all those crises they have been though. Why would that change now?
There's no empiric example to support that. The price might plunge temporarily, it's a bit like the stock exchange, but we know this will come back up again at some point. Similarly, I fail to see how this will go down.
Let's put it that way, if your belief is that NYC prices will go down and allow someone who couldn't afford to buy in the city, to do so, I think that belief is not founded on concrete evidence.
Let's put it that way, if your belief is that NYC prices will go down and allow someone who couldn't afford to buy in the city, to do so, I think that belief is not founded on concrete evidence
NYC condo prices will drop like a rock, because they are death traps.
People aren't going to forget how De Balsio and Cuomo screwed them!
More like 6 month to a year after the pandemic ends.
Quote:
Originally Posted by USDefault
Manhattan real estate will be incinerated. It will be a generation before it comes back, if ever.
The entire planet is realizing you don't need to pay a fortune to live like a sardine, merely to do knowledge-based work. Covid-19 is putting remote digital knowledge work on a light-speed rocket to not only prominence, but dominance. The city centers will be first to fall. Next to fall, high-tax, high-spend states, especially those with bankrupt pension systems (Illinois, New Jersey, California). And watch pseudo-unicorns like WeWork go debt supernova, as the dizzying amount of red ink morphs into the black hole of bankruptcy -- this will destroy commercial real estate in New York, London, and others. This is happening real-time (see SoftBank refusing to pay its next $3 billion tranche to WeWork).
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