Let's Talk About New York City

"What's going on in New York City?"

I get this question frequently. Though I've relocated to Southern Connecticut, my contacts are aware I lived in Manhattan 20+ years. We were in my Upper Eastside Co-Op for 19 years. What's crazy now is that I've been in my house longer than we lived in my last apartment. It's been seven and a half years since I moved. I go back to the City for meetings, dinners, shows, and concerts. But no more regular commuting to an office.

Yes, the City took a big hit during Covid. But that was 2020 and we're now in 2024. People are mistaking empty offices for an empty city. This is just not true. Sure, many of my friends and contacts have moved. They've moved all over the place -- Los Angeles, upstate New York, Maine, the Berkshires, Miami, Colorado and Europe. Just because some of my friends and colleagues moved doesn't mean New York is empty. New York City still remains the most populous city in the United States. The City has more than 8.3 million residents. Census info - https://www.census.gov/quickfacts/fact/table/newyorkcitynewyork/PST045222

While it is true that according to 2024 Census data the City shrank by 78,000, The New York Times explains that not properly accounting for migrants probably offsets that number. https://www.nytimes.com/2024/03/14/nyregion/nyc-population-decline.html

If you talk to my co-worker Amanda Rosenberg about Times Square on a Friday day - she'll tell you it's as packed as ever.

Thinking of New York City when you lived there also questions - who exactly were you when you lived there and what were you doing? If you're thinking about when you lived there hitting the bars in your 20s -- that's a bit different than going down to Greenwich Village and trying not to hit garbage bags with your stroller.

Young people, finance bros, creatives, and people from all over the world are still descending upon New York in huge numbers. According to the New York City website, market rents today are estimated to be about 17% higher than right before the pandemic. https://comptroller.nyc.gov/reports/spotlight-new-york-citys-rental-housing-market/

Perhaps the working from home trend is helping to create the tight New York City apartment market. If you're going to be sitting on Zooms all day, the idea of walking outside to people on the sidewalks and vibrant restaurants sounds pretty appealing. Here is an interesting article about working from home and hybrid work per USA Today - https://www.usatoday.com/story/money/2023/12/21/remote-work-from-home-trends-2024/71991203007/