Are we on the cusp of a profound change in housing/property across the developed world? Speaking for my city NYC there’s a lot of factors encouraging people to sell up and move out.
In my industry, film production, the shift to remote working had been pretty seamless. All the workers I have spoken to have been told they’ll be asked to continue to work remotely even after any distance guidance is lifted. I expect this is common for many industries. The market for office space must be collapsing.
NYC has seen a significant reduction in population, especially in higher income groups. Plenty left to stay in second homes or live with family in areas with more space and lower infection rates.
Estate agents are seeing hugely increased interest in properties in the suburbs and smaller cities, big drop in interest in NYC itself.
House prices and rental costs are vastly lower outside than of NYC. Schools better, quality/ease of life better.
The nightlife and arts/entertainment scene that makes NYC so vibrant is at a standstill. The subway is wholly unsuited to distancing.
Summer is going to be brutal for many with so many of the places people usually go to chill and cool off closed. The headlines are going to be about AC units rather than ventilators if we get a hot one.
Multiple economic stressors. The US is looking at 30 million unemployed. There’s going to be many unable to meet rent and mortgage payments. There’ll be a significant drop in unemployment payments by the end of July.
There’s been no stimulus measures for the property industry. Developers, with projects stalled, must worrying about cash flow.
I can see confidence across the whole property sector collapsing in NYC.
I’m less familiar with the exact circumstances, but much of that must also be true for London, and probably many other big cities.
There’s plenty on here with vastly better knowledge of the property and financial sectors than I. Any talk about the future of property?
In my industry, film production, the shift to remote working had been pretty seamless. All the workers I have spoken to have been told they’ll be asked to continue to work remotely even after any distance guidance is lifted. I expect this is common for many industries. The market for office space must be collapsing.
NYC has seen a significant reduction in population, especially in higher income groups. Plenty left to stay in second homes or live with family in areas with more space and lower infection rates.
Estate agents are seeing hugely increased interest in properties in the suburbs and smaller cities, big drop in interest in NYC itself.
House prices and rental costs are vastly lower outside than of NYC. Schools better, quality/ease of life better.
The nightlife and arts/entertainment scene that makes NYC so vibrant is at a standstill. The subway is wholly unsuited to distancing.
Summer is going to be brutal for many with so many of the places people usually go to chill and cool off closed. The headlines are going to be about AC units rather than ventilators if we get a hot one.
Multiple economic stressors. The US is looking at 30 million unemployed. There’s going to be many unable to meet rent and mortgage payments. There’ll be a significant drop in unemployment payments by the end of July.
There’s been no stimulus measures for the property industry. Developers, with projects stalled, must worrying about cash flow.
I can see confidence across the whole property sector collapsing in NYC.
I’m less familiar with the exact circumstances, but much of that must also be true for London, and probably many other big cities.
There’s plenty on here with vastly better knowledge of the property and financial sectors than I. Any talk about the future of property?
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