So we have talked about the NYC real estate market in the past, but what does the current situation mean for people looking to move to the city in 2020/2021?.
Because we have talked about the almost 20.000 empty apartments and people leaving in droves from New York to other cities around the US and out to the suburbs.
So we will now tell you what you should expect if you are looking at moving to Manhattan or to New York city as a whole.
We will start with the good news for you as a renter looking to move to the city, it has never been a better time than in the end of 2020 to sign a 1-2 year lease on an apartment.
We will advice you, yes (not advise) but actually advice you to offer half of what landlords are asking for apartments for rent in 2020.
So if the landlord is asking for 5000 dollars offer 2500 and accept nothing more than the 2500 dollars.
Also remember that there are a lot of really nice apartments in Brooklyn and even in Manhattan if you will be willing to live around 100th street and upwards.
We do suggest that you find one or two room mates if you are single, because safety will be counted in numbers in the upcoming 1-3 years time in the city.
Here is the reason why?, we will see the empty apartments increase to 40.000 in the next 18 months time.
Now you ask why is it gonna be this many empty apartments in the end of 2021.
So there is a 9 billion dollar deficit in the budget of the city in the upcoming two years time.
There has already been talks abut laying off 25.000 city employees and there is a 1 billion dollar cut in the police funding.
On top of all this the plain clothes division is closed down, do you remember 21 jump street with Johnny deep from 1987?.
That was undercover work(plain clothes division type of work).
So we will see a huge spike in crimes and violent crimes like rapes and robberies , carjackings you name it.
And 2020 modern city will take giant leap backwards 35-40 years and it will not be safe or nice in the city for many years to come.
And with this many tax payers leaving and homeless people moving in instead,you will see the same type of homeless problem as we have seen in San Francisco and Los Angeles over the past 10 years time.
Any time there is revolving doors from you being arrested until you get released back out on to the street and with very good social programs homeless people will flock to these cities,and with that comes high crime rates to fund a drug habit.
So we are not blaming the homeless here in this article, but it is just the brutal reality of the current and upcoming situation.
So more and more taxpayers will leave and most likely 50% of all restaurants and brick and mortar stores will not re-open again.
And when there is not that added value to got a high tax rate(city surge charge) like fancy restaurants and Broadway shows, the wealthier people will continue to leave while the crime rates keeps going up each month.
So the lower paying jobs will not come back, but there is a lot of higher paying companies who still wants to maintain their businesses in the city.
And these companies will have to replace many of the workers that have families and will not come back to the city no matter what.
So if you are well educated and willing to move to the city you are in luck.
But remember this will be a very dysfunctional city and you need to be very careful visiting central park and other parks during evenings and during the night time.
And there will be less cops that can protect you.
The really unfortunate situation is that the subway system have now been taken over by the homeless in every cart, so there is a big risk of disease being spread in the subway system more now than in the past 30 years time.
The game changer is that now you can use LYFT and UBER , that you could not use in the 80s and 90s if taxis where to expensive for you.
Also employers will start to accept to pay for the employees to and from work by car services like LYFT and UBER.
So if you are single or a couple and you don’t have children and you wanted to live in New York once in your life time, this could be a cheaper time than ever before to give it a go!.
Because rent will be half price for a few years to come.
And to you guys saying that New York will always bounce back, we are not saying you are wrong, but the question is to which year will it bounce back to 1985 or 2015?.
This is such a different situation than we have ever seen in the NYC so nobody can say for sure, more than that the city will have to make huge savings in the upcoming 5 years time and this will affect the live quality of all New Yorkers rich or poor!.
Take care out there.