NYC Moving Companies Turning Away Business: Overwhelmed With Requests -- August 22, 2020

Updates

August 23, 2020: New York landlords beg businesses: "return to work and save the city's economy."

New York property owners are begging the city's largest businesses to return to work. 

Names like Goldman Sachs and BlackRock have been on the speed dials of New York landlords, who are reportedly reaching out to the businesses begging them to get back to work and, in turn, save the city's economy. 

The landlords have formed a "loose coalition" according to a new report by Bloomberg. The group includes RXR Realty’s Scott Rechler, Rudin Management’s William Rudin and Marc Holliday of SL Green Realty. 

These landlords, facing a catastrophic collapse in the price of commercial real estate, argue that it's safe to return to work and that most NYC businesses simply can't survive a shutdown much longer. Some are even calling it the "patriotic" thing to do. 

So far, the reception hasn't been overwhelming. And with every day that passes, it becomes a tougher sell. As businesses close up, there becomes less reason to return to work. As a result, landlords could see a major demand drought and prices could crater.

Original Post

See this note posted earlier today about wealthy folks fleeing NYC. Okay.

Now this, from a reader, thank you, via ZeroHedge:

Between an economy-wrecking pandemic and a blistering crime wave driven by race riots and a disbanded anti-crime unit, New York City residents are switching to Pace Picante and fleeing the metropolis in droves. 

That, of course, is nothing new if you're been following along. But if you need yet another data point, NYC moving companies are so busy they're having to turn down business, according to DNYUZ.

While the moving industry is fractured among numerous small business owners, and official statistics are tough to come by, one thing is clear: From professionals who are downsizing following a job loss, to students moving back in with their parents, to families fleeing the city for the suburbs, New Yorkers are changing their addresses in droves.

According to FlatRate Moving, the number of moves it has done has increased more than 46 percent between March 15 and August 15, compared with the same period last year. 

The number of those moving outside of New York City is up 50 percent — including a nearly 232 percent increase to Dutchess County and 116 percent increase to Ulster County in the Hudson Valley. -DNYUZ

Matt Jahn, owner of Brooklyn-based Metropolis Moving, told DNYUZ that he's been flooded with so many customers that he's had to reject new business. 

"We are turning people away because we just don’t have the capacity," he said, adding "Normally, in a given summer, we spend a bunch on advertising. But we cut it this year because we couldn’t afford it. And we have still had amazing demand."

Governor Cuomo declared moving companies "essential services." 

Then, Gov. Andrew Cuomo announced that moving companies were considered an essential service, and the phones began to blow up. 

"Within 30 minutes of the announcement I got a flood of calls," said Jahn of Metropolis Moving, who added that things haven't slowed down since.

Mass transit is dead. From the same article:

He has been using company vans to pick up movers instead of letting them take public transportation. 

And, again, these are those who can afford to move, and those most concerned about what they have to lose if their homes are broken into and if they are mugged or confronted.