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New York always bounces back.
The fact that job listings fell is likely a sign of the fact that entirely too many jobs were based in New York in the first place.
The fact that rent prices have plunged is, similarly, a sign that they were too high. https://www.bloomberg.com/opinion/articles/2020-08-10/new-york-san-francisco-u-s-cities-will-struggle-after-covid-19
The fact that job listings fell is likely a sign of the fact that entirely too many jobs were based in New York in the first place.
The fact that rent prices have plunged is, similarly, a sign that they were too high. https://www.bloomberg.com/opinion/articles/2020-08-10/new-york-san-francisco-u-s-cities-will-struggle-after-covid-19
The serious problem with New York and San Francisco, IMO, was that they were becoming black holes, sucking in all the economic energy of their regions and depleting several other cities and states of growth.
We don't need the entire Northeast have New York as its econ center.
We don't need the entire Northeast have New York as its econ center.
The problem with bemoaning "the decline of New York" is this: For 10 years, New York has been functioning well beyond its capacity. Streets, subways, housing were all dismally overcrowded. It was all vastly unsustainable. Right now the city is correcting to return to homeostasis.
