Altucher: NYC Is Dead Forever

There is a whole other financial issue affecting the city right now, however. Tax income is going to drop off a cliff, many stores have closed, and some percentage of wealthy people may leave, which will force the government to confront its sky-high spending and investments in social programs.

NYC will certainly look different, and may take several years to fully recover, but I think declaring it dead at the height of a globe-altering pandemic is premature.

https://finance.yahoo.com/news/meet-man-behind-bitcoin-geniu...

I wouldn't take anything he says seriously. There's probably a buck in it for him to flip to write something like this.

I went from phone call to CT Scan in 17 mins at NYP hospital.

Museums open August 24.

Whole Food delivers to my front door. Your local herb friend probably does too. And how many Apple Stores?

Got my new NYC lease. Landlord raised the rent. Guess he’s not buying the doom and gloom?

NYC will do just fine. We’ll figure it out.

:-)

Office buildings can be converted to housing in the short run.

In the long run, in-person offices will probably beat distributed teams in many industries, like finance where small margins produce results. Especially since Goldman Sachs probably likes to discuss strategic plans like destabilizing national economies in private and in person.

Near-tautological cycles of real estate appreciation in high demand urban centers have prevented addressing major glaring problems, so a correction to the demand curve and valuations may enable zoning reform in order to get people back to the city.

Finally: why would anyone move to Phoenix with looming global warming?

1. Manhattan is not NYC. There are five, count them, five boroughs. Didn’t Johnny T on Glove and Boots teach you numbskulls nothin’? Manhattan is one borough. The author would probably wet his pants if he stepped into Brooklyn, and require a full adult diaper if he found himself on Staten Island. (Exaggeration for humorous effect, but he should know better.)

2. The “how dare you kick my dog, he’s great" posts that show up when NYC is disparaged are par for the course here. They show an admirable love and loyalty for Manhattan and, who knows, they may have read about the Bronx in a book somewhere. There will always be a Manhattan unless they tow it out to sea and sink it. (Imagine the Environmental Impact Statement for that project.) Will the Manhattan of the mid and late 1900s still be around? Paris still thrives, but does the Paris of the 1920s still exist?

3. Waiting for the inevitable dumping on New Jersey that happens when NYC starts getting insecure...

Erm...? I think London, Singapore, Hong Kong and Tokyo would disagree.

I stopped reading at that point tbh.

I try to never hire defeatists into my companies and screen for them.

the pendelum will swing back and corporates will see that culture and office also matters.