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> NYC real estate is arguably one of the safest bets in the modern era Uh huh. That's what they all said about commercial property in Western city-centres befo
by traceroute66 5y ago
> NYC real estate is arguably one of the safest bets in the modern era
Uh huh. That's what they all said about commercial property in Western city-centres before the pandemic ... "a sure bet" they said .... "rents only going up" they said....
Now you walk through all these CBDs and they are shadow of what they were before because people discovered working from home either full-time or near enough (3-4 days a week) and the need for large chunks of commercial property is now being brought into question.
- ibn-python 5y agoI generally agree that this is probably the fate for many American cities, but NYC seems to be in a league of its own compared to the other cities in North America. I feel like a better comparison is something like London, Rome, Mumbai, Beijing. These are cultural epicenters that are more resilient (but not immune) to economic downturns. Yes things might get tough for a bit but they're the place you want a multi bullion dollar investment to live when the goings get tough.
- nine_zeros 5y agoI think the perfect comparisons are Tokyo, London and Singapore. Drawing people from countryside and all around the world.