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Manhattan rental market implodes: median rent plunges most ever as vacancies hit record high. Too bad Amazon didn't move to Long Island.
It's going to be a mess: twenty-five percent of NYC renters have not paid since March. Link here. It's one big snowball rolling downhill.
- large number of New Yorkers out-of-work due to lockdown
- direct payments to Americans now make up 25% of all personal income
- that assistance runs out in July -- that's this month -- unless US Congress acts now
- on top of that, last month New York state passed the Tenant Safe Harbor Act which makes it even harder for landlords to evict
- and, even if landlords are able to evict, demand for rentals has plunged
- plus people are fleeing cities due to virus pandemic and social unrest
- if colleges don't re-open (and I don't think they will) that will further exacerbate the rental market;
- a Redhead (that's her last name) said 40% of the tenants in her 50+ unit building skipped out on rent payments in June
- one thing I learned from my dad who rented a few apartments back in the day:
- whether apartments are rented or not, property taxes are due
- property taxes are based on appraisals, and appraisals are a year old when the market starts to crash
- if you don't live in NYC and don't think you won't be affected, think again: if you have a pension program, a pension investment, any kind of investment, 1,000-to-1 odds that investment has holdings in US banks -- they are in deep trouble.
No wonder Tesla looks like such a better alternative. LOL.
Disclaimer: this is not an investment site. Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here.
That Redhead? Reminds me of a story:
A blonde is walking down the street and a car pulled up next to her. The man in the car says to her, ''What do you have in the bag?'' The blonde replies: ''I have chickens!''
The man thinks for a moment and says, ''If I can guess how many chickens you have in the bag, can I have one?''
The blonde thinks that it sounds fair and replies, ''Okay, but I'll make the bet even better! If you can guess exactly how many chickens I have in the bag I will give you BOTH of them!"
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A Charming Woman
And, of course, from Mexico to Paris:
It's hard to believe, but I think I've seen the stage play not less than three times in London. Okay, maybe only twice. I forget. While stationed with the USAF near London for three years, we saw a lot of London plays.
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