Brooklyn Coronavirus Update and Open Thread: Can NYC Reopen in June? (5/19/20)

We’re in the tenth week of sheltering in place and the 40th day of home schooling for New York City schools.

New York City is aiming to start its reopening in early June, De Blasio said Monday. The city so far has met three of the seven benchmarks necessary to reopen, and is working on contract tracing, adequate ICU beds, and other requirements.

Estimates of how deep and long-lasting the economic pain will be be varies: The Atlanta Fed and Goldman Sachs predict a decline in GDP of 45 percent or 39 percent, respectively, in the period from April to June. Nonetheless, the bounce back is expected to be relatively quick, unlike the Great Depression, according to the chairman of the Federal Reserve. He and others are calling for more aid from Congress.

So far, the financial system is functioning, “though that could change if massive defaults lead to a banking crisis,” according to The Real Deal. Real estate investment groups have cash on hand to snap up distressed properties, according to the pub. Some speculate New York City will “wind up in receivership.”

What are your thoughts, and how are you weathering the shutdown? What do you think should be done in Brooklyn to combat the spread of the virus and blunt the damage to local businesses and jobs? Please feel free to comment in a respectful manner (please, no personal attacks, nothing libelous). If you are not already logged in, go up to the top right hand side of the page and log in to be able to comment.