I enjoyed the article. I found thesw parts particularly interesting.
"We are officially AB: After Bandwidth. And for the entire history of NYC (and the world) until now, we were BB: Before Bandwidth. Remote learning, remote meetings, remote offices, remote performance, remote everything."
"Another friend of mine works at a major investment bank as a managing director. Before the pandemic he was at the office every day, sometimes working from 6 a.m. to 10 p.m. Now he lives in Phoenix, Arizona. “As of June,” he told me, “I had never even been to Phoenix.” And then he moved there. He does all his meetings on Zoom."
The housing market here in Phoenix and similar cities is going to getting a little crazy.
Same - I shared because (anecdotally) I think we're seeing the same here in London. Apparently it's a renters market right now - prices are down, masses of choice. Very different to a year ago.
I disagree with his assumptions and logic. Basically he is saying because you don’t need to live near work, people will not live in Manhattan.
There are plenty of jobs outside of NYC. Always has been. People live in NYC for the culture and lifestyle. It is a fun place to live. It will absolutely rebound.
This is trivial compared to 9/11. Yet NYC rebounded.
This article seems to be saying the rich are leaving New York. And the world that caters to them (expensive restaurants, etc.) is suffering. This is true.
But as you say falling rents offer more opportunities for the culture and lifestyle aspects of the city.
Also, this post rattles off a bunch of negatives, but fails to offer any alternative to rival NYC. South Florida or Phoenix? Maybe one, but certainly not yet.
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[ 2.3 ms ] story [ 30.9 ms ] thread"We are officially AB: After Bandwidth. And for the entire history of NYC (and the world) until now, we were BB: Before Bandwidth. Remote learning, remote meetings, remote offices, remote performance, remote everything."
"Another friend of mine works at a major investment bank as a managing director. Before the pandemic he was at the office every day, sometimes working from 6 a.m. to 10 p.m. Now he lives in Phoenix, Arizona. “As of June,” he told me, “I had never even been to Phoenix.” And then he moved there. He does all his meetings on Zoom."
The housing market here in Phoenix and similar cities is going to getting a little crazy.
There are plenty of jobs outside of NYC. Always has been. People live in NYC for the culture and lifestyle. It is a fun place to live. It will absolutely rebound.
This is trivial compared to 9/11. Yet NYC rebounded.
But as you say falling rents offer more opportunities for the culture and lifestyle aspects of the city.
Also, this post rattles off a bunch of negatives, but fails to offer any alternative to rival NYC. South Florida or Phoenix? Maybe one, but certainly not yet.