Charlotte is another (for the east coast)NYC is done. Put a fork in it.
Commercial real estate is dead. Big Money Mangers all moved their businesses to Florida or Texas or other low tax areas. No need to be in NYC anymore - everything is done online. When the biggest money leaves, so does everything servicing it. Commercial office space, once coveted globally, is at 49% occupancy last I read. Will be lots of real estate bankruptcies going forward.
Putting in camera's to tax the peasants won't make up for it, but they will still try:
The High Price of Empty Office Space: Billions in Tax Breaks, With More to Come
An analysis by THE CITY shows that long-ago luxury real estate deals from Hudson Yards to Times Square are costing dearly in reduced city tax collections. Now City Hall is rolling out still more tax relief, with little transparency.www.thecity.nyc
True story, very timely. Keeping it general..
Two young families with kids, great people, incomes well, well above anyone I have ever known and well above anything in the NY metro area, im still shocked, they packed everything up, down payments on homes site unseen in the Carolinas through the internet, then came down to look to confirm and they are doing it, leaving NYS. This is so significant to us it's really almost surreal seeing young families, not just retires leaving the Northeast. I never in my life thought I would see what I am seeing.
I loved Long Island and growing up in the 60s,70s and 80,s now you couldnt drag me back there for any amount of money.
