You're starting to see this in bits and pieces already. New rental space is primarily going to chain restaurants and box stores because the rent is too damn high for anyone not corporate to get started. _The Atlantic_ was talking about the issue of lots going vacant for months at a time because the owners are holding out for insane lease prices...in part because they need to pay insane taxes on the property.
I love New York (in small doses) but it's not tenable as it exists right now.