A massive increase in violence and real estate vacancies has sent New York City spiraling into an abyss that it may never recover from. At least that’s the dismal outlook from former hedge-fund manager James Altucher.
The five-month-plus coronavirus lockdown and the ridiculous defund the police debacle in the city has sparked a 176 percent rise in shootings and violence, and in turn an enormous downturn in real estate vacancies–122 percent decline, to be exact, and more than 13,000 empty apartments!
Altucher, a lifelong New Yorker, says 30 to 50 percent of New York restaurants are already out of business and are not coming back and most corporate companies in usually bustling midtown are mandating their employees work remotely. “This completely damages not only the economic ecosystem of New York City–the restaurants, transportation, office buildings, commercial real estate–but what happens to the tax base when all of your workers now can live anywhere in the country, even the suburbs.” Here’s more of the gloom and doom for the Big Apple with Altucher and Fox News anchor Stuart Varney.
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