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New Yorkers Do Not have Hope that Their City will Recover Anytime Soon


#NewYork #NewYorkers #recover #coronavirus


The impact of The China Act of War Virus continues to weigh heavily on the people in New York”–Paul Ebeling

New Yorkers who did not flee the city are hunkering down for the Winter.

Prices for apartments in New York City have fallen, and were declining for three consecutive years even before the coronavirus chaos. “Prices have been falling now for the 3rd year in a row,” according to an economist at Zillow (NASDAQ:Z). Sales are closing at around 10% lower than the asking price in recent months.

There are approximately 13,000 vacant apartments across Manhattan, according to a recent report by Douglas Elliman and Miller Samuel Real Estate Appraisers & Consultants. A year ago, that number was at 5,912. What’s more, new lease signings have fallen by about 23%, resulting in a deccline in rental prices.

New York State’s Tenant Safe Harbor Act, passed on 30 June, prohibits courts from evicting residential tenants for nonpayment due to the virus chaos.

Many New Yorkers can afford to leave, and many White-collar workers can work remotely. Some 44% of New Yorkers who earn $100,000 a year or more say that they have considered relocating outside the city within the past 4 months.

The Broadway League, the trade group that represents theater owners and producers, has said that Broadway performances have been canceled through 30 May next year because of the virus chaos. Theaters are offering exchanges and refunds for tickets purchased for performances through then.

Movie theaters are closed and remain closed indefinitely.

Both the Governor and Mayor are under fire.

A hapless NYC mayor and overpraised NY State governor made false promises, gave inaccurate health information, and helped turn Gotham into the pandemic’s epicenter, according to The New York Times. Add to this, they went on recently to further  publish a long and damning breakdown of how the overlapping and eternally feuding governments of the city and state of New York helped turn the already difficult challenge of managing COVID-19 in the country’s densest metropolitan area into the health and public-policy catastrophe Americans are enduring today.

Former Centers for Disease Control and Prevention (CDC) director Thomas Frieden, who prior to holding that post for the entirety of President Barack Obama’s administration, was health commissioner for the City of New York said that if the State and City had adopted widespread social-distancing measures a week or two earlier, including closing schools, stores and restaurants,” the Times reported, “then the estimated death toll from the outbreak might have been reduced by 50 to 80 percent. If one recalls that it was the Obama Administration who totally depleted our anti-pandemic supplies too!

Preventing the dissemination of bad information is a classic managerial mistake, one particularly endemic in poorly run governments, like New York State and New York City. So, too, was Cuomo and De Blaiso’s  stubborn unwillingness to listen and learn, an often ego frontage.

Perhaps most distressing in the Times article is not the particulars of policy errors, but an expressed unconcern at acknowledging them: “The governor and the mayor emphasized that they had no misgivings about their initial handling of their response and what a mistake that was.”

“Now nearly early ten months into the pandemic, New York State’s and City’s economic recovery remains mired in high unemployment and a sluggish recovery for normal economic activity. Hopefully the forthcoming vaccine will accelerate this recovery but that will depend on its people’s willingness to accept such a solution,
” says economist and health management expert Bruce WD Barren.

Nearly 33% of New Yorkers say that recovery in the city will take a year, while 15% believe the economy will recover fully recover by next March, and 46% believe that the city’s recovery is tied to the development of a vaccine, a recent survey found, and 6% believe the city’s economy will never fully recover.

These are Key findings from a survey of the public perceptions and experiences of 1,000 New York City residents conducted by the CUNY Graduate School of Public Health & Health Policy. They were polled from 25-27 September. The same panel of respondents will be surveyed following the 3 November Presidential election and again in January 2021, the researchers said.

The vast majority of respondents, 70%, said they planned to stay in the city and continue to work and/or look for a new job while the city gets back on its feet, the survey concluded.

Among the 20% of respondents who said they plan to leave NYC, 39% said they will return when the city is fully on the road to recovery.

In the face of this pandemic, it is encouraging that so many people continue to maintain their hope, a great sign of our resilience as New Yorkers,” said CUNY SPH’s dean. “However, New Yorkers are aware that COVID-19 remains a serious public health threat, and they must recognize that its toll has been felt unequally among people of color and limited means.”

The impact of the disease weighs most heavily on black and brown people in New York in relation to jobs, housing and food. Among those who lost their jobs during the chaos, 48% of Latino, 44% of blacks remain unemployed compared to 21% of White respondents, the CUNY survey found.

Have a healthy week, Keep the Faith!

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Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.