[FRIAM] Will New York City survive this?

[Tom Johnson]

My friend Chris Feola in Dallas sends this along.

"n the long run, the extraordinary concentration of COVID-19 cases in New
York threatens an economy and a social fabric that were already unraveling
before the outbreak began. The city’s job growth rate has slowed and was
slated to decline further, noted the New York City Independent Budget
Office. Critically, New York’s performance in such high wage fields as
business services, finance, and tech was weakening compared to other
American metros. Half of all the city’s condos built since 2015 lie unsold
as oligarchs, drug lords, celebrities, and others lose interest in luxury
real estate now that cash, much of it from China, is drying up.

But it’s not just the ultrarich who are heading to the exits. Even before
the virus hit, large urban centers like New York, Los Angeles, and Chicago
were losing population; over 90% of all population growth since 2010 had
taken place in the suburbs or exurbs. Even millennials, as demonstrated in
a Heartland Forward report, are moving away from the supposed “magnets” of
New York, Los Angeles, and Chicago, to the sprawling cities and towns in
the middle of the country. Renowned demographer William H. Frey of the
Brookings Institution indicates that the greatest net migration losses in
recent years has occurred in New York. The growth in the migration of such
prized workers is now two to three times faster in Salt Lake City,
Pittsburgh, Cincinnati, and Grand Rapids than in regions around New York,
Los Angeles, or Washington, D.C."

https://www.tabletmag.com/sections/news/articles/new-york-city-coronavirus-urban-future


Does this migration have an impact -- good or bad -- for New Mexico
generally and specifically Northern New Mexico?  Could be a topic for
Friday ayem.

TJ
============================================
Tom Johnson - tom at jtjohnson.com
Institute for Analytic Journalism   --     Santa Fe, NM USA
505.577.6482(c)                                    505.473.9646(h)
*NM Foundation for Open Government* <http://nmfog.org>
*Check out It's The People's Data
<https://www.facebook.com/pages/Its-The-Peoples-Data/1599854626919671>*

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