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.
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.