It's Up To You, New York, New York

On today’s show we are talking about the mobility of wealth. Everyone I speak with from NYC is extremely fearful of the change that seems likely in the Mayor’s office next month based on early polling results. Many are considering leaving the city. Even those who want to continue to work in the city are moving to nearby cities and states. Some are going to New Jersey. Some are going to Connecticut, others to Pennsylvania.

NYC has become a tale of two cities. There is a lot of wealth in Manhattan specifically. There are about 350,000 millionaires concentrated in a small  radius on the island of Manhattan. There are about 120 billionaires in NY. But New York is about more than just a financial capital. It’s a city of 8.5M people spread across the five boroughs of Manhattan, Brooklyn, Queens The Bronx, and Staten Island. 

Last night’s mayoral candidate debate pretty much sealed the outcome of the election which is only 19 days away. Frontrunner Zohran Mamdani is an eloquent speaker. He speaks nonsense with conviction, with stories, and with data to back up his nonsense. A great orator can be persuasive. 

I understand that people who don’t understand money think that someone else will pay for their sense of entitlement. Free stuff can be attractive on election day. In the 1970’s it was hard to believe that NYC could recover. It seemed doomed to a life of decay, crime, and outright chaos. 

We have experienced the resurgence of the city, slowly at first under Mayor Ed Koch, then more recently under Mayor Rudi Giuliani and Michael Bloomberg. 

This podcast is about real estate and real estate investing and not NYC politics. Why are we talking about this? Because businesses are not returning to NYC. Things are going to be ugly in NY for a while. If wealth is leaving NY, the obvious question is where is the wealth going? Where are these people moving? Who will be the biggest beneficiaries of New York’s loss?

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