New York is Dead? (Part 1)

New York is dead, have you heard that before? For years New York has been losing its population. People left; shops closed. Why?

Cost of Living

It’s no secret that living in New York City is expensive. The high cost of living in NYC starts with its crazy housing market. Before the pandemic, a two-bedroom apartment would cost an average of $2500 a month and $1900 just for a studio. People could hardly afford to live in New York. Then there are high taxes.

 

Gentrification

New York has been losing the character that makes it New York. Partly due to rising costs of living—rents, taxes, accommodation, amongst others. Businesses that have been a defining part of the community for decades, can no longer afford to stay. And it’s something that’s been going on for well over a decade.

 

The Stress

Having the nickname ‘the Big Apple’ makes it sound nice and laid-back and cheery. Life in New York can be exhilarating and filled with adventure. But it is not always laid-back and cheery. Living in New York, you are surrounded by skyscrapers, heavy traffic and noise pollution. People are always in a rush. Working day to night. There is no living, only existing.

 

The Pandemic Takes Out Office Space

In New York, the pandemic took hold on March 20^th, and was the worst hit area in the US. Offices went online, and thus workers left town to save on rent. Now, companies realize that online business was doing just fine, leaving more unused office space in New York. By August, less than 10% of midtown office space was occupied.

 

The Close Down of Smaller Businesses

Small businesses are shutting down. If not, they are suffering. Coffee shops, hardware stores, dry cleaners have started to disappear. Between March and August 2800 businesses closed — more than any other American city. And with them, have gone more than half a million jobs.

 

Restaurants Have Taken the Worst Hit

As the food capital of the USA, what would New York’s be without its lively restaurant scene? Nearly a third of the businesses that have closed are restaurants.

 

Cultural Life Has Come to a Standstill

With bars, clubs, shopping districts all empty — and with Broadway closed until at least spring 2021 — the ecosystem of artists and performers who have long been the heartbeat of New York, is now put on hold. And some of them have now started to leave.

 

Reference:

 

James Donaghy, 15 Reasons New York Is Dead, 28 Sept 2020 https://www.alux.com/