Reasons Why New York ISN'T Dead and MIGHT Be Coming Back
The population of New York City is growing for the first time in 60 years.
1. People are moving there again
The population of Manhattan is increasing for the first time in 100 years.
2. The population of Manhattan is growing
There are now 30,000 restaurants in NYC (up from 25,000 two years ago). Meanwhile, the number of restaurants closing has decreased from 1,100 to 800 (in the past year).
3. There are more restaurants opening than closing
In 2007, an apartment would sell for $1,000 per square foot. Today it's closer to $1,300 per square foot. But then it was going up $200 per year. Now it's going up about $50 a year. In other words, supply is starting to catch up with demand so prices can't go up as fast as they used to.
4. Real estate prices are rising but not as fast as before
When Uber came out (in NYC) people said "you'll never take a car across town because it's too much hassle." Well...it turns out that if you can pay less than a taxi and get where you want quickly AND have a nice car ride then why not? And Uber has now started UberPool which makes even more sense because then you share your ride with other people heading your way and split the cost (and maybe the music you listen to or where you're headed). This saves money AND gas so cities become more livable.
5. Uber and Lyft are making cities more livable!
I moved TOO soon after college graduation
6. When I moved here 20 years ago
It was hard
But now people move here later in life when their kids are grown so they can afford nicer places and enjoy all that NYC has to offer later in life
This will increase the population over time even if young people aren't moving here anymore
And this will lead to many other companies setting up offices here since they will need employees and those employees need places to live and eat lunch and take Ubers around town etc
7. Amazon moving HQ2 here will bring 100,000 jobs
So this will help increase real estate prices overall since many new companies will be setting up shop here regardless of Amazon (although Amazon might indirectly help them set up by creating demand for office space)
So this means more job growth coming into New York City despite what some articles say about how media jobs are disappearing due to AI/robotics taking over media jobs