Aptivaboy wrote:A major issue that NYC is going to have to face is wealth flight. Not trying to be political but the taxes there were already causing many people of means to leave. The COVID crisis will likely accelerate that trend. As Gov. Cuomo has said, “Tax the rich, tax the rich, tax the rich. We did. Now, God forbid, the rich leave.” Now, what does that mean for NYC and aviation?
A lot less money as the wealthy depart NYC for more economical pastures. Since things like airport renewals are tax driven, a budget shortfall may well affect those upgrades. A lot of people in the Tri State Area commute to NYC to work, but the COVID crisis has shown that working from home is a real possibility for many professional occupations. That will mean fewer income taxes from them, as well. Don't be shocked to see more businesses, including within the finance sectors move. That will mean fewer taxes on businesses being collected, and Wall Street is a major tax cow for the city. NYC's resistance to Amazon opening up a new HQ there also indicated a certain anti-business trend in the area. So...
Unless a boat load of federal bailout money suddenly comes pouring in, I tend to predict a general slowing of the NYC economy. This will include a halt or serious slowdown to airport upgrades. I'm not suggesting that NYC will go bankrupt; I'm not a total doom and gloomer. But... Yes, the NYC economy will be hit hard for awhile, perhaps a long while, until a recovery can occur.
Insertnamehere wrote:Coupled with the predicted "white flight"
phatfarmlines wrote:Insertnamehere wrote:Coupled with the predicted "white flight"
This is the first I've heard of this for NYC. I thought gentrification reversed this trend in the last 10-20 years.
But then again, when you pay a majority of your salary in rent, I would be looking for a place to get a house and live with a much more affordable mortgage.
Edit: On second thought, living in a walk-in closet for an apartment in Manhattan might not be attractive in a post-COVID19 world with future layout plans (office, stores, etc) already being influenced by social distancing, so I can understand desires for people looking for more space.
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