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Mass Exodus Out of New York City Leads to Highest Number of Open Apartments in a Decade

New York City, specifically Manhattan has always had a problem with there not being enough housing units to go around. That is no longer true.

Landlords are having so much trouble renting out their apartments and studios that many are having to offer the first three months rent free just to fill them.

Sixteen thousand people have relocated from Manhattan tom Connecticut alone. Most of those moving are young people as the economics in Manhattan as the economics have become untenable with the everlasting lock downs.

I would have thought it would be the old people moving so Andrew Cuomo wouldn’t send them people to give them DTMNBN. (Disease That Must Not Be Named)

In total, there are 67,300 apartment units available for rent in the city, the most in over a decade. Not only that but the cost of an apartment has dropped by about 6.7% on average.

And when you add to that all the rent that has not been collected by landlords during the permanent lock down, you might see a massive amount of arson as it will be the only way many landlords can recoup at least part of their investments.

Jonathan Miller, the president of a real estate appraisal company:

“The pain to the New York City economy is profound. Record vacancy over the past 14 years, coupled with both a rising market share and amount of concessions provided by landlords, all tell the same story that outbound migration from Manhattan is real.”

From Fox Business 

COVID, the anti-police rioting and the crime wave have delivered powerful blows to the city,” the editorial board wrote. “They created terror on the streets, socked businesses, wrecked city finances, crippled schooling — and sent people scurrying for the exits.”

“Even before the virus hit, pols like [New York City Mayor Bill] de Blasio (with help from Albany) had left Gotham on shaky ground, with “reforms” that ensure more crime, vagrants swamping the streets and a budget that failed to prepare for even a modest downturn, let alone one shut by the bug,” the op-ed continued.


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