New York City - becoming the next Detroit?

[iamwhatiseem]

In the past 36 months, 158 mega companies moved out of NYC to HQ in other states... nearly $1 Trillion in taxable assets gone.
Manhattan - once pristine area is now 20% empty. 10 years ago, you couldn't get space. Now building owners can't find anyone to lease as people keep pulling out. According to a Bloomberg study 17,000 companies have moved out of NY since 2020.
With an overall 70% vacancy rate gain in just 3 years.
Now after the mind numbing decision to punish the former President with an unprecedented $355M fine, first time in history that a "no victim" crime is fined anywhere near this high - investors are now "done with NYC".


Kevin O'Leary invested $550,000,000 in NYC prior to 2021.... stopped investing in NY by 2022, now says he will never invest in NYC again, and neither is anyone else.

 

[JackOfNoTrades]

In the past 36 months, 158 mega companies moved out of NYC to HQ in other states... nearly $1 Trillion in taxable assets gone.
Manhattan - once pristine area is now 20% empty. 10 years ago, you couldn't get space. Now building owners can't find anyone to lease as people keep pulling out. According to a Bloomberg study 17,000 companies have moved out of NY since 2020.
With an overall 70% vacancy rate gain in just 3 years.
Now after the mind numbing decision to punish the former President with an unprecedented $355M fine, first time in history that a "no victim" crime is fined anywhere near this high - investors are now "done with NYC".


Kevin O'Leary invested $550,000,000 in NYC prior to 2021.... stopped investing in NY by 2022, now says he will never invest in NYC again, and neither is anyone else.

Got a newsflash for ya. Corporate real estate holdings are in trouble all over the country. In red and blue cities and states. You are quoting figures long before the pandemic changed the dynamic. Why do you think major companies are in a panic to mandate a "return to the office"?

 

[shockedcanadian]

In the past 36 months, 158 mega companies moved out of NYC to HQ in other states... nearly $1 Trillion in taxable assets gone.
Manhattan - once pristine area is now 20% empty. 10 years ago, you couldn't get space. Now building owners can't find anyone to lease as people keep pulling out. According to a Bloomberg study 17,000 companies have moved out of NY since 2020.
With an overall 70% vacancy rate gain in just 3 years.
Now after the mind numbing decision to punish the former President with an unprecedented $355M fine, first time in history that a "no victim" crime is fined anywhere near this high - investors are now "done with NYC".


Kevin O'Leary invested $550,000,000 in NYC prior to 2021.... stopped investing in NY by 2022, now says he will never invest in NYC again, and neither is anyone else.

I've said to many that they would be idiots to invest in Ontario. We have a police state here that destroys our best and brightest talent, enforcing an old caste for the profit of police agencies. If you invest here, you are supporting a kakistocracy.
NY will carry the same "do not invest" warnings now for different reasons.

NY started to really go downhill with their draconian covid measures. When people are afraid of their shadow and rely on government to nestle their heads under and even make their personal health decisions; we know the outcome.

It has just slipped further as time has gone on.

 

[iamwhatiseem]

Got a newsflash for ya. Corporate real estate holdings are in trouble all over the country. In red and blue cities and states. You are quoting figures long before the pandemic changed the dynamic. Why do you think major companies are in a panic to mandate a "return to the office"?

Gotanewsflashforya.... nothing like the losses in NYC.
And FL, TX and TN are on fire. They are dancing in the streets accepting all of these companies moving out of NY and CA.

 

[jotathought]

Got a newsflash for ya. Corporate real estate holdings are in trouble all over the country. In red and blue cities and states. You are quoting figures long before the pandemic changed the dynamic. Why do you think major companies are in a panic to mandate a "return to the office"?

What is an example of a "red city?"

 

[Invisibleflash]

In the past 36 months, 158 mega companies moved out of NYC to HQ in other states... nearly $1 Trillion in taxable assets gone.
Manhattan - once pristine area is now 20% empty. 10 years ago, you couldn't get space. Now building owners can't find anyone to lease as people keep pulling out. According to a Bloomberg study 17,000 companies have moved out of NY since 2020.
With an overall 70% vacancy rate gain in just 3 years.
Now after the mind numbing decision to punish the former President with an unprecedented $355M fine, first time in history that a "no victim" crime is fined anywhere near this high - investors are now "done with NYC".


Kevin O'Leary invested $550,000,000 in NYC prior to 2021.... stopped investing in NY by 2022, now says he will never invest in NYC again, and neither is anyone else.

I hope never to go back to NYC.

 

[Polishprince]

Got a newsflash for ya. Corporate real estate holdings are in trouble all over the country. In red and blue cities and states. You are quoting figures long before the pandemic changed the dynamic. Why do you think major companies are in a panic to mandate a "return to the office"?

What makes you think major companies are "in a panic" to mandate a "return to the office"? If they can save money by having staff work remotely its a win-win.

The panic is in the urban liberal hell hole governments who are losing taxpayers in their cities when workers don't have to go there any more.

 

[JackOfNoTrades]

Gotanewsflashforya.... nothing like the losses in NYC.
And FL, TX and TN are on fire. They are dancing in the streets accepting all of these companies moving out of NY and CA.

No, they aren't, bunky. This is an issue all over the country in red and blue cities.
Companies might move because of tax breaks promised...but it ain't to the cities.

The Next Crisis Will Start With Empty Office Buildings

Commercial real estate is losing value fast.

www.theatlantic.com

 

[Polishprince]

What is an example of a "red city?"

The Villages, Florida is a tremendous idea of a "red city". One with low tax rates and a low crime rate.

 

[JackOfNoTrades]

What is an example of a "red city?"

Tulsa, OK (my favorite red city appearing on "Cops").
Dallas, TX

That's two.

 

[iamwhatiseem]

No, they aren't, bunky. This is an issue all over the country in red and blue cities.
Companies might move because of tax breaks promised...but it ain't to the cities.

The Next Crisis Will Start With Empty Office Buildings

Commercial real estate is losing value fast.

www.theatlantic.com

What part of 158 mega companies with just under $1 Trillion in taxable assets moved out of NYC to go to other states didn't you get?
What part of 17,000 companies have moved out of the state in 3 years didn't you get?

Open offices is not the story here.
The story is well over a $trillion in taxable assets is now being taxed in FL and TN.

 

[JackOfNoTrades]

What part of 158 mega companies with just under $1 Trillion in taxable assets moved out of NYC to go to other states didn't you get?
What part of 17,000 companies have moved out of the state in 3 years didn't you get?

Open offices is not the story here.
The story is well over a $trillion in taxable assets is now being taxed in FL and TN.

Would you like a fire extinguisher to put your hair out?
I can assure you, there will be plenty of companies ready to take their place.
FL, TN, and TX are already catching up on cost of doing business and cost of living (I gotta listen to friends bellyache about it constantly).

I'm sure the state of NY won't be hurting for money.

 

[JackOfNoTrades]

Dallas is not a red city .. in the 2022 midterms, it was 40% democrats and 21% "unsure." Biden won Dallas in 2020 with 65% of the vote.

Tulsa was won by Biden is 2020 with 55% of the votes.

Try again.

We are assigning red and blue cities by mayor, not how they voted in presidential election.
Both cities have Republican mayors....red city.

Try and keep up..or just keep fronting your bullshit arguments.

 

[Votto]

In the past 36 months, 158 mega companies moved out of NYC to HQ in other states... nearly $1 Trillion in taxable assets gone.
Manhattan - once pristine area is now 20% empty. 10 years ago, you couldn't get space. Now building owners can't find anyone to lease as people keep pulling out. According to a Bloomberg study 17,000 companies have moved out of NY since 2020.
With an overall 70% vacancy rate gain in just 3 years.
Now after the mind numbing decision to punish the former President with an unprecedented $355M fine, first time in history that a "no victim" crime is fined anywhere near this high - investors are now "done with NYC".


Kevin O'Leary invested $550,000,000 in NYC prior to 2021.... stopped investing in NY by 2022, now says he will never invest in NYC again, and neither is anyone else.

Mexico is taking over New York, and to be honest, they can't do a worse job than the morons there now.

 

[mudwhistle]

 

[mudwhistle]

 

[Polishprince]

A lot of big cities are, or will soon, be facing the kind of crisis that the Hell Hole of Pittsburgh, PA is going through.

The property assessments and taxes are plummeting, along with the taxes that the major corporations will be paying.

Big liberal cities like this are facing doom.

BTW, conservative cities like The Villages, Florida, don't have the same problem.

Value of Downtown Pittsburgh's skyscrapers cut in half, along with taxes they pay

The giant office towers Downtown aren't worth what they once were and that spells trouble for the city.

www.cbsnews.com

 

[Magnus]

In the past 36 months, 158 mega companies moved out of NYC to HQ in other states... nearly $1 Trillion in taxable assets gone.
Manhattan - once pristine area is now 20% empty. 10 years ago, you couldn't get space. Now building owners can't find anyone to lease as people keep pulling out. According to a Bloomberg study 17,000 companies have moved out of NY since 2020.
With an overall 70% vacancy rate gain in just 3 years.
Now after the mind numbing decision to punish the former President with an unprecedented $355M fine, first time in history that a "no victim" crime is fined anywhere near this high - investors are now "done with NYC".


Kevin O'Leary invested $550,000,000 in NYC prior to 2021.... stopped investing in NY by 2022, now says he will never invest in NYC again, and neither is anyone else.

Meh. If I had a dime for every time NYC was supposed to go bankrupt - I could have bought myself a nice condo overlooking Central Park.

 

[Ringo]

 

[iamwhatiseem]

Remington announces moving to Georgia after being in NYC for 200 years.
Citing taxation and NYC policies as the reason why.
So when I said 158 large companies have moved out of NYC - make that 159 now.