Billionaires are leaving NYC and in turn NYC lost over $300b in revenue.

[MrSquished]

"Tech boom" I tend to refer to the likes of Napster, MySpace, Facebook, Netflix, Apple, etc.... The time period you're referring to is Dot com bust. Maybe I'm mistaken though?

Regardless, as a kid that grew up in the 90's - I definitely don't recall any push or drive to go back to urban living. Our suburbs expanded like crazy throughout my early years.

The first tech boom led to the dot com bust you mention. Gotta boom to bust. Pretty sure that's what Starbuck was referencing. The more recent rise in tech companies is also called a tech boom, technically tech boom 2.0, and it hasn't busted yet.

Unfortunately for millennials, wages and wealth are simply not keeping up with everything else: https://www.cbsnews.com/news/millennials-have-just-3-of-us-wealth-boomers-at-their-age-had-21/

This depressing chart shows the jaw-dropping wealth gap between millennials and boomers

Boomers had seven times the wealth at age 35 than millennials will at the same age

www.marketwatch.com

The silver lining of Covid is that rents and prices correct themselves in the most expensive cities like NY and the circle of life continues once again.

This is the population trend of NYC:

New York City Metro Area Population 1950-2023

Chart and table of population level and growth rate for the New York City metro area from 1950 to 2023. United Nations population projections are also included through the year 2035.

www.macrotrends.net

 

[s0me0nesmind1]

The first tech boom led to the dot com bust you mention. Gotta boom to bust. Pretty sure that's what Starbuck was referencing. The more recent rise in tech companies is also called a tech boom, technically tech boom 2.0, and it hasn't busted yet.

Unfortunately for millennials, wages and wealth are simply not keeping up with everything else: https://www.cbsnews.com/news/millennials-have-just-3-of-us-wealth-boomers-at-their-age-had-21/

This depressing chart shows the jaw-dropping wealth gap between millennials and boomers

Boomers had seven times the wealth at age 35 than millennials will at the same age

www.marketwatch.com

The silver lining of Covid is that rents and prices correct themselves in the most expensive cities like NY and the circle of life continues once again.

This is the population trend of NYC:

New York City Metro Area Population 1950-2023

Chart and table of population level and growth rate for the New York City metro area from 1950 to 2023. United Nations population projections are also included through the year 2035.

www.macrotrends.net

I would argue that wages and wealth are keeping up just fine with inflation...... For everything but the very very very lowest skilled jobs that are being automated and outsourced.

That and there is a massive group of millennial generation that are surprised that colleges were willing to give anyone with a pulse a huge loan to get a certified starbucks barista degree.


As long as you didn't fall into the trap of those 2 groups - you're absolutely fine. Skilled service employment such as HVACs, carpenters, plumbers, and car mechanics are all non-college jobs that receive very good middle-class wages that have kept up with inflation. People that came out of school with a STEM degree or business degree are absolutely fine.

 

[MrSquished]

I would argue that wages and wealth are keeping up just fine with inflation...... For everything but the very very very lowest skilled jobs that are being automated and outsourced.

That and there is a massive group of millennial generation that are surprised that colleges were willing to give anyone with a pulse a huge loan to get a certified starbucks barista degree.


As long as you didn't fall into the trap of those 2 groups - you're absolutely fine. Skilled service employment such as HVACs, carpenters, plumbers, and car mechanics are all non-college jobs that receive very good middle-class wages that have kept up with inflation. People that came out of school with a STEM degree or business degree are absolutely fine.

By pretty much every metric millenial wealth is lagging significantly behind their predecessors and will continue to do so. Their biggest hope is inheriting boomer wealth apparently.

 

[pauldun170]

Post as many videos as you like.
The reality is still the same.

NY is extremely resilient


Millionaires?
Sure. Include Millionaires.
They are a dime a fucking dozen in NYC.
One moves out. 20 take their place.
While those 20 are get comfy...another 100 become millionaires.

Middle Class?
Have you never been to NYC?
For every person that leaves for cheaper shittier states 1000 people fight over the spot they left.

All the pandemic related issues are doing is creating opportunities for those who get shit done.
Restaurants closing in NYC means new restaurants coming soon.
Businesses closing means new businesses.

Instead of listening to assholes on youtube, hit a library.
Dig through historical editions of NYT.

followup

Small-Business Owners Are Scoring Dream Spots In The Most Cutthroat Market

There's a silver lining to all those empty storefronts in New York City: Some business owners are snagging prime Manhattan locations ahead of the great reopening.

www.npr.org

 

[Fanatical Meat]

I love it when people follow up

 

[K1052]

Lol Trump moved back to the city because the season in FL is over even though he could be indicted at basically any time.

If that's not a testament to the durability of the city's lure I don't know what is.

 

[fskimospy]

Lol Trump moved back to the city because the season in FL is over even though he could be indicted at basically any time.

If that's not a testament to the durability of the city's lure I don't know what is.

True, although I think the idea that Trump could hide in Florida and escape extradition is not very credible. New York indicts Trump -> New York requests extradition -> Florida refuses -> federal marshals arrive in Florida and arrest Trump.

As far as NYC goes, I think there may be some enduring change where fewer people go into the office than before and that's going to really affect Midtown. The thing is, it's primarily going to affect Midtown by offices being converted to residences and other commercial property. The idea that NYC was going to be killed by COVID was always silly.

 

[hal2kilo]

True, although I think the idea that Trump could hide in Florida and escape extradition is not very credible. New York indicts Trump -> New York requests extradition -> Florida refuses -> federal marshals arrive in Florida and arrest Trump.

As far as NYC goes, I think there may be some enduring change where fewer people go into the office than before and that's going to really affect Midtown. The thing is, it's primarily going to affect Midtown by offices being converted to residences and other commercial property. The idea that NYC was going to be killed by COVID was always silly.

Damn, I hope Florida tries to protect him. I'd like to see their response to about 50 Federal Marshalls showing up to drag Trump off to jail.

 

[K1052]

True, although I think the idea that Trump could hide in Florida and escape extradition is not very credible. New York indicts Trump -> New York requests extradition -> Florida refuses -> federal marshals arrive in Florida and arrest Trump.

As far as NYC goes, I think there may be some enduring change where fewer people go into the office than before and that's going to really affect Midtown. The thing is, it's primarily going to affect Midtown by offices being converted to residences and other commercial property. The idea that NYC was going to be killed by COVID was always silly.

I know he really couldn't avoid it and it was partially in jest. I was just down in FL around West Palm and Fort Lauderdale, pretty clear the season is over and everybody went back the the northeast instead of staying there as some takes threatened.

I think some conversion of prewar office buildings could be on the table if they are reasonably shaped. The big square modern blocs are harder and more expensive to convert and usually don't turn out great but still a small chunk of the class C and B space in midtown could meet such a fate. Or possibly hotel conversions too.

 

[fskimospy]

Damn, I hope Florida tries to protect him. I'd like to see their response to about 50 Federal Marshalls showing up to drag Trump off to jail.

That would be pretty amusing, although now that I think about it one risk could be that DeSantis pulls a Trump and takes it to court where they try and indefinitely delay a decision, but really in that case what Biden could and should do is just order the marshals to enforce the extradition and then let Trump challenge his detention afterwards.

 

[fskimospy]

I know he really couldn't avoid it and it was partially in jest. I was just down in FL around West Palm and Fort Lauderdale, pretty clear the season is over and everybody went back the the northeast instead of staying there as some takes threatened.

I think some conversion of prewar office buildings could be on the table if they are reasonably shaped. The big square modern blocs are harder and more expensive to convert and usually don't turn out great but still a small chunk of the class C and B space in midtown could meet such a fate. Or possibly hotel conversions too.

Yeah I hear that - it could also just be a broader overall repurposing where office space that's in conversion-friendly buildings citywide gets converted and the office business then flows to these towers.

 

[s0me0nesmind1]

Lol Trump moved back to the city because the season in FL is over even though he could be indicted at basically any time.

If that's not a testament to the durability of the city's lure I don't know what is.

Or hes just not an idiot and understands he will never be indicted.

Also Florida sucks ass during anytime but winter unless you're someone that just likes roasting outside constantly.

 

[Fanatical Meat]

That would be pretty amusing, although now that I think about it one risk could be that DeSantis pulls a Trump and takes it to court where they try and indefinitely delay a decision, but really in that case what Biden could and should do is just order the marshals to enforce the extradition and then let Trump challenge his detention afterwards.

That’s just not Biden. Wouldn’t happen.

 

[fskimospy]

Or hes just not an idiot and understands he will never be indicted.

Also Florida sucks ass during anytime but winter unless you're someone that just likes roasting outside constantly.

So if Trump is indicted does that mean every person who claimed this level of certainty is stupid? Just asking now to get you on the record because there's a strong chance Trump will be indicted.

 

[UNCjigga]

The company I work for is about to give up their HQ lease—landlord actually wants to buy out rest of our contract so they can convert office space to lab space (I guess they see biotech/life sciences as pandemic proof lol!)

Since the company also fully embraced remote work culture during the pandemic, not sure the space will be missed. Instead, our CEO wants to have WeWork-style flex space/collaboration hubs in various locations around the country (closer to customers). We’ll still have enough $ leftover to throw a lavish office xmas party/internal conference every year at some destination resort.

 

[IronWing]

Lol Trump moved back to the city because the season in FL is over even though he could be indicted at basically any time.

If that's not a testament to the durability of the city's lure I don't know what is.

What does Trump have to do with billionaires?

 

[Amol S.]

It's not just NYC. It's also Cali, and NJ as well. The wealthy who have had enough are leaving, and with that states are taking a huge loss in tax revenue. I know in my home state of NJ Govenor Murphy wants to tax the millionaires so we can shore up lost tax revenue due to the coronovirus. The issue is the wealthy are typically the ones that create the jobs, and they pay the majority in taxes. They also can leave the state if they feel that they are being unfairly targeted, and they have that option because of their immense wealth. In NYC, huge cuts are on the table. We could see less teachers, police, etc. Not a good look for De Blasio.

More of a not a good look for Cuomo in 2022.

 

[K1052]

What does Trump have to do with billionaires?

He does usually chase them.

 

[HomerJS]

The issue is the wealthy are typically the ones that create the jobs,

Just MHO demand creates jobs not billionaires.

 

[zzyzxroad]

What does Trump have to do with billionaires?

He did play one one TV.

 

[fskimospy]

Just MHO demand creates jobs not billionaires.

The other issue is that what he said isn’t true. The people leading California are the poor and middle class because they can’t afford it. California has seen net increases in rich people due to migration.

 

[HomerJS]

Damn, I hope Florida tries to protect him. I'd like to see their response to about 50 Federal Marshalls showing up to drag Trump off to jail.

Would the feds show up since NY is prosecuting?

 

[woolfe9998]

Would the feds show up since NY is prosecuting?

In an extradition dispute between two states, probably yes.

 

[Amol S.]

True, although I think the idea that Trump could hide in Florida and escape extradition is not very credible. New York indicts Trump -> New York requests extradition -> Florida refuses -> federal marshals arrive in Florida and arrest Trump.

So something similar in a sense to the George Wallace, a governor standing in front of the door incident, all over again?

 

[Amol S.]

Would the feds show up since NY is prosecuting?

Geogre Wallace incident, feds took up the control of Alabama state national guard due to actions being done by the governor.