I can see and feel the desire for many in NYC to have a place that they can get out on the weekends or until COVID ends. Certainly not everyone can afford that but for those who can it is a joy even though it is bad for NYC’s economy.
As work environments change we will see more people not have to come into the office 5 days a week but perhaps one day a week. If you choose to live a few hours outside of the city (or any urban area), having to come in one day a week isn’t a big deal. More people who have already chosen to plant themselves outside of the city, in the short term, might find themselves rethinking about the long term when COVID dies down.
We have already seen an escalation of prices in the suburbs, Hudson Valley, Hamptons and other outlying areas around NYC (but I assume the same is for other urban cities) that people have chosen to have second homes. Those areas are getting more and more expensive. That will become more difficult for the locals that live there particularly the teachers, firepeople, constructions workers and all trades that support a city. More housing will be needed to keep the people that support those communities there.
NYC has a $9b deficit. I don’t know the deficit of other cities but I am assuming it is not pretty either. How do we change cities quickly and get them back on track? Over the last eight years there has been very little capital put towards moving NYC and many others into the future. We have relied on the same and not upgraded. Education, transportation, homelessness are a few to name.
What are the true ideas for restoring NYC from the top? What type of tax breaks? How about the reality of commercial real estate? Can we give those people some incentive to reconstitute their buildings for schools and middle income living? Real estate developers won’t do it unless there is a reason to? Can we change the zoning in certain areas?
Our country has not spent enough on infrastructure. Our schools, our roads, trains, transportation, healthcare, and anything else you can think of is almost stuck in 1980. Almost 50% of city budgets to go education. Is now the time to completely change education into different models with all the companies providing online curriculums? How do you get rid of bad teachers, custodians, and old building while cutting the edge by 75% when it comes to education?
I have spent a lot of time in the past week walking around the city. Parts of the city are reminiscent of 1980. Certainly the homeless situation is getting there. I keep thinking about how are we going to get out of this mess.
I hate to be a downer because I do consider myself an eternal optimist but winter is coming and I fear it’s going to be bleak.