Why New York’s in a Depression and Texas Isn’t

New York could make it easier by getting rid of all the stupid and petty reopening rules.

Want to have a heater on your patio now that it’s cooling down? Apply for a permit, please.

Want to sell alcohol? A drink order must contain a food order, but only for the first order. Tough shit if you’re a bar.

Want to order some cocktails to walk back home? Go fuck yourself.

Rather than doing anything to help businesses, Mayor de Blasio seems intent on ruining the local economy with idiotic and petty restrictions. It is no wonder that things aren’t rebounding in NYC. They won’t let people live their lives and won’t let businesses make money.

Unfortunately, owners of the real estate benefit more from continuous asset price inflation than from rent income. They're in it for the long run. If Fortune-500 companies can stay unprofitable for a decade, why can't real estate?

It's not like NY wasn't already a shitty deal from a tenant's perspective before COVID. It just got a lot more shitty. From an investor's perspective, it doesn't look that bad. The selling pressure just isn't there.

For instance, if you're from China and you already own high-rise apartments in a Chinese ghost town, might as well scoop up something in not-quite-dead-yet NYC.

Interesting piece.

It made me ponder how many new and revised textbooks covering subjects related to 2020 e.g. macro/microeconomics, health and politics that will be on college's mandatory reading lists in related subjects for decades to come!?