New York Isn’t Dead — But New Yorkers Are Dying to Keep It Alive

“But NYC always always bounces back.” No. Not this time.

“But NYC is the center of the financial universe. Opportunities will flourish here again.” Not this time.

“NYC has experienced worse.” No it hasn’t.

Three of the most important reasons to move to NYC:

* Business opportunities

* Culture

* Food

Numerous headwinds have weighed on New York office landlords in recent years as rent growth has stalled and values plateaued. Then a hurricane began to form in 2018, as the $10,000 cap on the state and local tax (SALT) income deduction hurt New York’s competitiveness. Things continued to worsen in2019, as WeWork (NYC’s largest office tenant) began its implosion. Now in 2020, this existential hurricane has become a Category 5,as NYC is the epicenter for COVID-19 in the United States–and Empire State Realty Trust is poised to bear the full brunt of this storm.

Even in the 1970s, and through the ’80s, when NYC was going bankrupt, even when it was the crime capital of the U.S. or close to it, it was still the capital of the business world (meaning, it was the primary place young people would go to build wealth and find opportunity). It was culturally on top of its game — home to artists, theater, media, advertising, publishing. And it was probably the food capital of the U.S.

You can live in the music capital of Nashville, you can live in the “next Silicon Valley” of Austin. You can live in your hometown in the middle of wherever. And you can be just as productive, make the same salary, have higher quality of life with a cheaper cost to live.

I love my life in NYC. I have friends all over NY. People I’ve known for decades. I could go out of my apartment and cross the street and there was my comedy club and I could go up onstage and perform. I could go a few minutes by Uber and meet with anyone or go play PingPong or go to a movie or go on a podcast and people traveling through could come on my podcast.

I could go out at night to my favorite restaurants and then see my favorite performers perform. I could go to the park and play chess, see friends. I could take advantage of all this wonderful city has to offer.

No more.

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