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1   Rin   ignore (9)   2020 Sep 5, 2:29pm     ↓ dislike (0)   quote   flag        

Since the Son of Sam era, New Yorkers have felt invincible and have forgotten that it's no longer 1999.

In other words, where many areas have adapted to the notion that hi-speed internet is practically everywhere (post-2010) and that a dense urban center, esp when Broadway shows are over $150 per head, aren't needed and that ppl won't be coming anymore.

What Covid did was set off this consequential chain of events; it didn't originate from a pandemic.

Starting in 2001, and adding in the flooding of Hurricane Irene in 2011, the idea that ALL of finance needed to happen in Manhattan, started to diminish. Yes, it was cheaper for JP Morgan to have a back office in Delaware as well as other cheaper in-land options.

So now, with many office workers working from home and discovering that they didn't need the 3-4 hr roundtrip on the Metro, just to be 'seen' in the office, has turned Manhattan into a ghost town and there's no reversing it.

I seriously doubt that all the NYC landlords will quietly go into bankruptcy and then, re-finance their portfolio so that they can offer renters a cheaper place for work or residence.
2   MisdemeanorRebel   ignore (3)   2020 Sep 5, 2:36pm     ↓ dislike (0)   quote   flag        

"Egon" Althucher is awesome, he was one of the first to talk about why college was a waste if you weren't going into STEM/Accounting
3   Rin   ignore (9)   2020 Sep 5, 2:49pm     ↓ dislike (0)   quote   flag        

NoCoupForYou says
college was a waste


Yes and this is coming from a guy who went to both Cornell and Carnegie-Mellon.

Normally, once a person makes money and touts his brand name pedigrees, he promotes those institutes as where "gentlemen are made".

Altucher has done the opposite and in effect, has isolated himself from his fellow Ivy Leaguers who use their place in society to exclude others from gaining a foothold.
4   ad   ignore (0)   2020 Sep 5, 2:55pm     ↓ dislike (0)   quote   flag        

Rin says
In other words, where many areas have adapted to the notion that hi-speed internet is practically everywhere (post-2010) and that a dense urban center, esp when Broadway shows are over $150 per head, aren't needed and that ppl won't be coming anymore.


The generation now between the ages of 20 to 40 grew up on the internet. They are now the managers. And their consumer habits are much different than the generation that is now age 55 to 75. So I agree as they likely are not the type to flock to pay $150 for a Broadway show even if the Obamas give it raving reviews or if it is some Super-Woke show like Hamilton with its diverse cast and pro-Big Central Government themes.

....
5   theoakman   ignore (0)   2020 Sep 5, 2:56pm     ↓ dislike (0)   quote   flag        

I lived 10 minutes from NYC in the 80s. The place was a horror show that magically was transformed in the 1990s by Rudy G. From 1994 to maybe 2016, NYC was a place you could travel without being in danger or seeing crap you didn't want to see. This is a perfect storm that is taking out the city. The offices are massively converting to WFH, Covid destroyed the entire night life industry, and restaurants are forced to stay shut until June. With riots and mayor that seems to be hellbent in destroying the place, it's pretty much a done deal. The problem is, NYers voted for it. And those that didn't, are voting with their feet and leaving enmasse.

There was a local radio show doing real estate hour where they asked people to call in and talk about the real estate hysteria over the bridge in NJ. These New Yorkers are buying your house 5 minutes off the market and bidding them up $50k. Brokers are walking around asking people if they would consider selling their home for X-amount of dollars. This is the largest flight we've ever seen from an urban area in our history.
6   Rin   ignore (9)   2020 Sep 5, 3:51pm     ↓ dislike (0)   quote   flag        

ad says
flock to pay $150 for a Broadway show


Here's the thing ... a playhouse is a playhouse. They can be located anywhere and just as Blue Man Group, can be performed by replaceable cast members.

Back in the days, meaning 1999, ppl flocked to Manhattan's Dancesport studio to learn Latin/Ballroom from the same teachers who taught Al Pacino. What a joke! That stuff is taught in any college town or medium sized 'burb from Maine down to Virginia.

theoakman says
The place was a horror show that magically


Yes, this was during the decade long shadow of 'Escape from New York'/'The Warriors' and Bernard Goetz (the so-called subway vigilante shooter) almost reminiscent of Charles Bronson's 'Death Wish' movie.

theoakman says
The offices are massively converting to WFH, Covid destroyed the entire night life industry, and restaurants are forced to stay shut until June. With riots and mayor that seems to be hellbent in destroying the place, it's pretty much a done deal. The problem is, NYers voted for it. And those that didn't, are voting with their feet and leaving enmasse.


Yes and unlike the "Summer of Sam" era, ppl have no real reason to be in the city despite newer Sams and other whack jobs running loose.
7   mell   ignore (6)   2020 Sep 5, 4:50pm     ↓ dislike (0)   quote   flag        

NoCoupForYou says
"Egon" Althucher is awesome, he was one of the first to talk about why college was a waste if you weren't going into STEM/Accounting


He's somewhat hard to "like" from his nerdy looks but I remember he also predicted dow 30k and later 50k and had people laughing in his face, not sure exactly when that was, but sometime between 2010 and 2015. He's also against the "homes are great investments" mantra and says the best "stock" you can hold is a steady and stable paying job. Def a smart kid.

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