flight from cities continues...

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notes1
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Re: flight from cities continues...

Post by notes1 »

only BR would find reason to celebrate the mass exodus from DEM run locations to rep locations, due to poor liberal management, crime increases and tax increases.

can't wait to see the commercials touting their success at driving away voters to repubican run safer, financially better run and lower tax areas.

billryan
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Post by billryan »

Looking at Wisconsin, Georgia and Arizona, I think you mean former republican run states.
The Democratization of America continues. Democrats 2020, bringing the rest of America into the 21st century, one state at a time.
Be afraid. Be very afraid.

notes1
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Post by notes1 »

i am very afraid. dem run locations are so screwed up, especially the big dem run cities, the residents are fleeing. and, where do they go, REPUBLICAN run locations. and why, less crime..lower taxes..less government.

but, that doesn't mean liberals are any smarter. they are too afraid to take responsibility for their own lives, so they think government has all the answers, even though the areas they are leaving, are a mess with all that dem government control. or, they want more free stuff and figure it just appears out of no where. check out videos of those who love their OBAMA PHONES. disturbing!

so, i will agree with you. we moved to N. CAROLINA about 30 years ago, from NYS. what a difference, the state was growing, prosperous and jobs were plentiful. it was a conservative state. i loved it, but, then the northern liberals flocked there and started demanding more government services, and those services are not free. what happened, tax went up, businesses stopped moving there and the economy suffered. it was no longer the place i had moved to years earlier.

the only thing that will hopefully save florida is that there are sooo many seniors, on fixed budget and they hate tax increases.

check out the population and financial losses being suffered in NYS, CONN, ILL. now, it is happening in CA. elon musk, oracle, hewlett packard are just a couple leaving one of the most beautiful states. why...higher taxes brought on by stupid DEM run elected idiots.

liberals are not very smart! they screw up one area and then move to a new place and screw up that place.

olds442jetaway
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Post by olds442jetaway »

The flight will continue. Cuomo has already just warned that quote tremendous tax increases end quote could be necessary and that he will increase taxes no matter what. Those that have been hanging in there rather than move, will certainly continue to flee and who can blame them. My guess is states like Florida will bear the brunt of this exodus. Not many retirees will move to places like BR has chosen. More and more are moving out of the Country altogether. Believe it or not Turkey is one of the countries retirees are going to. Not for me, but they are going there. Our family farm in Southwestern Virginia was a possibility for us, but is off the table now since the only local hospital closed about ten years ago. It is an hour and a half ride to a hospital that has the same speciality capabilities as say Yale does up here in Ct.

billryan
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Post by billryan »

I have a few friends who have moved to the Istanbul region. Most went there on vacation, loved it and bought small apartments.
While many of our parents retired to Florida, few of my friends have any interest in doing so.
Arkansas, Arizona and Nevada seem more popular.
It seems to me that most newcomers to Bisbee are retirement age but that might be skewed.
By the way- I didn't come here to retire. I came to provide proof of concept for two separate businesses.
While covid set me back a good deal, I'm about three weeks from signing off on the deal I've been working on for two years. This spring may find me in northern Nevada, provided the economy doesn't collapse.

notes1
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Post by notes1 »

what YOUR friends are doing is irrelevant, it is an anecdotal story. facts and stats are what matter.

it is a fact that FL, TX ,AZ and NV are seeing a large influx of new residents. florida's growth from 2010-2019 was 14%, this year will certainly add to those numbers. arkansas growth over same 10 year time period was 3.3%, not even close. those are facts.

people are moving to states with no or reduced state income taxes, states with lower crime rates, states with warmers temp than northeast, states with better economic prospects, etc. single family homes are selling in record numbers as city dwellers have given up on apartment life. thus, many big, crime ridden, high tax cities have record numbers of apartments available. and, rental prices are dropping.

olds442jetaway
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Post by olds442jetaway »

Nyc currently has a 15 percent vacancy rate. Most of the businesses that fled will never return. Developers are acquiring these mostly older vacant buildings and converting them to apartments. I guess they are gambling that people will return to living in the city. I wish them luck, but I wouldn’t touch such a venture with a ten foot pole. This virus has already mutated over 2,000 times, we don’t know how effective the vaccine will be, or if it will even work against all of the mutations and how long immunity will be good for. Long term side effects of course are still unknown. I can’t even imagine getting on packed subway cars or buses anymore ever. I didn’t even discuss rampant crime since we have covered that many times already.

billryan
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Post by billryan »

A google search seems to indicate a vacancy rate of 6% for Manhattan apartments, with the number of new leases signed in November being higher than a year ago. I'm not sure where your 15% figure comes from, or it's commercial property or overall building vacancies.
If you are suggesting that the trend of converting older office buildings to apartments is new, I can point out many such occurrences over the last fifteen years.
When the jobs return- when Broadway reopens, and the hospitality industry is in full bloom, hundreds of thousands of new jobs will be created, and rentals will again be hard to find.
It's funny that when once in a lifetime opportunities happen, so many don't see it.
In 2006/2007, the herd were all buying investment houses, and livery drivers were pushing home refi.
Now they are proclaiming the deaths of the cities.
The decade after the 1918 Flu was the greatest economic expansion in American history up to that point.
Better days are coming. While I'm not about to buy a building in NYC, I will be expanding my REIT holdings a bunch. Macy's has sales a few times a year, and people flock to them. When NYC goes on sale every few decades, it makes sense to look into it.

olds442jetaway
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Post by olds442jetaway »

The 15 percent is for commercial property and was on 880 AM news yesterday. Good luck in whatever ventures are in process. I like Reits myself, but scaled way back in retirement years. I got burned by one of the one time best ones due to fraud. Years ago, did great on the outfit that owns the Burger King Real Estate.

billryan
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Post by billryan »

Asking prices for commercial properties in Manhattan are up for the year, even as vacancy rates rise.
Further proof the RE market in NYC is irrational.
To quote the Great Yogi- No one goes there anymore, it's too crowded.

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