Recent stories are documenting Covid’s negative impacts on New York, especially how the pandemic is accelerating and deepening racial and economic inequality. But cities like New York remain the central drivers of our economy. They must be helped if the economy is to rebound.
, increasing its footprint there to 2.2 million square feet “for thousands of employees in less than a year.” That’s a big positive bet on Manhattan office space and future needs.
Several of the retail chains cited in the Times story, including JC Penney and Le Pain Quotidien, have filed for bankruptcy, and have been in financial trouble prior to the pandemic. As part of its own May bankruptcy filing, is not only closing in Hudson Yards but in Fort Lauderdale and Palm Beach.
But we simply don’t know what the longer-term economic effects of the pandemic will be on cities. There’s always churning in dynamic cities. Sectors rise and fall, and other sectors rise. Real estate often overbuilds in what economists call a “cobweb” model where rising prices induce oversupply, resulting in a subsequent slowdown and falling prices. In the 1990s, older office buildings in the Wall Street area were converted to residential units (see this link from the wonderful
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