Elevator Repair/Maintenance Company Needed for Small Building

Coronavirus vaccine development-Promising.
Vaccine to protect us from our so called “leaders” not so much….

restorationcontractor

in General Discussion 5 years and 2 months ago

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restorationcontractor | 5 years and 2 months ago

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Ironballs, agree with you on most, but I don’t have the apocalyptic view you have, it’s still NYC and I think after Covid people will still want to be here. We will probably see some reasonable decline, if you’re holding long term it shouldn’t be concerning, it seems at some point we will have a vaccine so there is that to consider as well.
I think the upstate NY market is going to boom with more second home and first home buyers fleeing NYC, not to mention the much better investment market return.
Can’t comment on PA, the NY market is enough for me to follow, but is seems reasonable that it can only improve as well.
Only time will tell.

IronBalls | 5 years and 2 months ago

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Restorationcontractor, NYC was saved in the past when voters said enough is enough and elected business oriented, tough on crime leaders. With current NYC voting demographics, how is that possibly going to happen now? Yes, Covid 19 won’t last, but our left wing leaders will inevitably resort to raising taxes instead of slashing government spending in a failed attempt to close the budget deficit. Real estate pays 40% of the annual budget in property taxes. Property taxes on commercial and multifamily are currently about 30% of gross rents annually. Considering we can’t find tenants now because folks are leaving NYC and almost nobody is looking to expand, I see a future of mass foreclosures and bankruptcy. Where’s the possible upside? Everything looks so grim.

restorationcontractor | 5 years and 2 months ago

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Ironballs you have a very good point there that I did not consider. Covid is one thing, our “leaders” and the current state of affairs quite another.
Amidst rumors of a police sickout I myself left the city with my family for the weekend. I just didn’t care to be there. Absolutely nothing to do with Covid!

lkrshacmzcy | 5 years and 2 months ago

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This has been an interesting thread to follow! Off to South Dakota it will be soon enough

lkrshacmzcy | 5 years and 2 months ago

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This has been an interesting thread to follow! Off to South Dakota it will be soon enough

stevecym | 5 years and 2 months ago

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@restoration contractor: people leaving the city was part of the problem in the 60’s and 70’s. only they did not leave for the weekend, they left for good. i hope it does not go back to that-

IronBalls | 5 years and 2 months ago

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I know folks who recently left Brooklyn permanently after 20 years and bought a nice house in St. Louis for less than the price of a studio apartment in Bed Stuy. A lot of people will never be returning, at least not until the city has fully recovered, which could be decades with our current crop of socialist leaders taxing and regulating up the wazoo.