It is no secret that out of all the American cities afflicted by COVID-19, New York was the hardest hit, with some calling the city that never sleeps the United ‘ viral epicenterStates’ viral epicenter, local politicians have done everything in their power to impose the restricted guidelines and restrictions on its populace. While most people bemoan the loss of their social lives, it is really business no longer able to profit because their operations were stunted for so long. Some small restaurants have been able to keep up or surpass pre-coronavirus performance; however, the vast majority have opted to declare bankruptcy. Many residents have opted to move out in search of opportunities in their hometowns or elsewhere, leaving only a portion of businesses and citizens behind. These events seem like a decent indicator that New York may not ever be the same, though that does not mean it will die.
New York has bounced back from the Great Depression, and every other Wall Street spawned Recession. There were times when Hoovervilles could be found along Manhattan’s rivers, where the homeless and jobless constructed poorly made shacks and tents to live in, stuffing newspapers in their clothing for warmth. Our current Recession hardly compares with this now that we have a much more competent social safety net, albeit a burdened one. If anything, there’s plenty of hope, particularly in real estate.
With all these people fleeing the city, buildings and apartments are cheaper than ever. New York used to be the world’s most unlivable city, and now most people can afford to live in their own studios without having to split it with roommates. The same goes for large businesses and corporations that now see the city as a good investment with much of its competition gone. Recovery may take some time, but it is on the horizon.
