According to James Altucher, the Former hedge-fund manager, explains why he claims that New York City will not completely recover from coronavirus lockdowns. For instance, the out-of-business companies and major employers that allow their employees to work remotely indefinitely.
During the pandemic, New York City had a huge impact and loss. In September, 163 business leaders wrote a letter to the mayor saying, "widespread public anxiety about public safety, cleanliness and other quality-of-life issues contribute to environmental degradation". Nearly 24,000 New Yorkers died outside Covid-19, and pictures of masked New Yorkers are everywhere on Central Park's Great Lawn. More and more people are getting ready to leave New York, the 'Instagram NewYork' were every where you went, there was a sense of residents' happiness with security and life satisfaction, was gone with Covid-19.
In the meantime, Big City, New York is losing its allure. Between March and May, about 420,000 residents fled because of the Coronavirus; Restaurant closures, insecurity, and skyrocketing gun violence; The phenomenon of vacant houses is severe and new lease signings are falling sharply, rents are falling; The fiscal revenue loss is painful. The number of homeless people in cities has been rising. In June, the Upper West Side, widely known as "the bluest of blue New Yorkers", banded together to evict homeless people who had been living in the now-vacant Novel Coronavirus-era hotel. They felt the presence of homeless people madethe neighbourhood unsafe. In terms of education, most parents haveto consider whether or not to send their children to public schools, because these NewYork schools are not very clear about segregating and staying open. Additionally, coronavirus has accelerated the pace of lifestyle change. NewYorki s losing its competitiveness against smaller cities. Big companies (Microsoft, Google, etc.) have adopted telecommuting. Besides, the high cost of living and taxes in NewYork lead to the loss of talents. Some businesses have also realized that they don't need employees at the office and are more productive at home. The data suggest that New York is becoming an empty city; the never-ending city pressed the pause button prematurely by the coronavirus. Other smaller towns have new opportunities, financial, creative, cultural, gastronomic, artistic, etc. The big city of NewYork, like a cake, will be divide so that everyone has an equal opportunity.
As mentioned above, a series of chain reactions caused by the New York epidemic caused economic, population, and urban structure problems in the city. The most significant is the loss of employees from large enterprises in the financial centre to cities across the country because of working home, which has hit the surrounding service industries, especially the catering industry. This fact also applies to most financial centres in developed countries. Under the premise of the advancement of communication technology, the workplace's unity has become less critical, and more and more companies let employees work in their environment. This can be regarded as a development trend in the workplace, and the current epidemic has only accelerated this process. The value of the last financial centre will be scattered to all corners of the world, and the title "financial "centre is just a title.