It may sound counter-intuitive, but if you've ever dreamed of living in NYC, it might be time to take a closer look...
New York City has been America's "Ground Zero" for nearly twenty years now. Since the attacks on 9/11, to the 2008 stock market crash, and now 2020's worst U.S. coronavirus outbreak, NYC once again finds itself as the focus of change in America. James Altucher, an American hedge-fund manager, author, podcaster and entrepreneur who has founded or cofounded over 20 companies, recently published an op-ed in The New York Post, declaring that "New York is Dead".
He points to the collapse of economic and social life in NYC, and the subsequent exodus of people who can afford to move, as harbingers that this time NYC will not bounce back from catastrophe. Altucher believes that the convenience of remote work, and the ubiquity of super fast high speed internet, will drive people to commit to their new virtual lifestyles, and never return to New York City.
This opinion has since been rebuked by the likes of real estate columnist Steve Cuozzo, who declared that "New York will rise again". Cuozzo sites the recent big ticket leases for commerical real estate NYC. Cuozzo writes, "Recent weeks have seen signings of huge office leases by Facebook, AIG, TikTok and Raymond James. In the same period, new leases were signed for a massive new Avra restaurant on Sixth Avenue and for several huge food halls. Major new buildings are going up all over Harlem. Every one of these commitments was made during, not prior to, the COVID crisis. All of their backers believe in a vibrant postpandemic future and are spending fortunes to be part of it."
New York staple Jerry Seinfeld chimed in with his own New York Times column, where he clearly states his belief that New York will bounce back. Jerry writes, "Energy, attitude and personality cannot be “remoted” through even the best fiber optic lines. That’s the whole reason many of us moved to New York in the first place.
You ever wonder why Silicon Valley even exists? I have always wondered, why do these people all live and work in that location? They have all this insane technology; why don’t they all just spread out wherever they want to be and connect with their devices? Because it doesn’t work, that’s why.
Real, live, inspiring human energy exists when we coagulate together in crazy places like New York City. Feeling sorry for yourself because you can’t go to the theater for a while is not the essential element of character that made New York the brilliant diamond of activity it will one day be again."
The pandemic has certainly caused many people to pack up and move to different parts of the country, and world. Cities like Los Angeles, San Francisco, and New York are suffering greatly, and big voices like Joe Rogan are on the air almost everyday speaking about moving out of those places and into more sensible places like Austin, or Idaho.
For young people looking to get into a place like New York where it previously would have been too expensive, this could be their big chance. If rents fall low enough so young entrepreneurs can snatch up apartments to form their own communities with their teams, and enjoy the advantages of face to face interaction, those teams could be poised to work smarter, and faster than their competition who may be stuck trying to organize zoom calls throughout different time zones just to discuss simple topics.
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