New York Executive Leaders Panic

Jerry Seinfeld is cheering from his redoubt in East Hampton, but things are not going so well in the Big Apple.

Rental apartments are empty. The number of unoccupied rentals has tripled in the last twelve months. The Daily Mail blames it on crime and the virus-- though probably crime and mayoral ineptitude are the real problems:

The number of empty rental apartments in Manhattan has trebled in 12 months as New Yorkers look to flee the coronavirus pandemic and a surge in violent crime.

More than 15,000 rental properties are now on the market, the highest figure on record and a huge jump compared to last August's figure of 5,600.  

Prices are down by four per cent since last year after a slump in demand, according to a report by Douglas Elliman and Miller Samuel - while realtors in the Hudson Valley have enjoyed a boom in business from New Yorkers desperate to avoid the 'cabin fever' of another lockdown. 

Yesterday, JP Morgan Chase bank instructed its traders to return to their offices. That glimmer of good news does not counterbalance the reality, namely that most of New York’s office workers are still not coming to work.

The Daily Mail has this story:

Fewer than 10 per cent of New York City's office employees have returned to public workplaces, jeopardizing the city's financial health as office buildings account for almost 10 per cent of total annual revenue.    

When the first COVID-19 cases was reported in New York City on March 1, the bustling city soon quieted when the economy screeched a standstill as cases skyrocketed and deaths quickly followed.

The loss in revenue, officials said, would be detrimental to the city's finances and cause a ruinous fallout.  

'That’s revenue that’s gone that pays for cops, firefighters, teachers, sanitation workers, it’s gone. And there’s no way I’m going to get it back,' said Mayor Bill de Blasio said in May when he revealed the city could need $7.5billion in federal aid.

Optimists hoped that the city's one million office workers would return to skyscrapers as the pandemic progressed, but reports show that is simply not the case. 

Now, the situation is so dire that dozens of the city’s business leaders have written an open letter to Comrade de Blasio, asking him to fix the mess that he created. That is, to crack down on crime and homelessness. They might have mentioned that de Blasio and Cuomo have done their best to cripple certain services, like restaurants, because it will enhance the electoral prospects of Joe Biden.

The Daily Mail has this story too:

CEOs from more than 150 top companies have demanded that New York City Mayor Bill de Blasio to address public safety and fix 'quality of life issues' that have deteriorated the city. 

Chief executives from companies Lyft, Macy's, Goldman Sachs and more signed the letter to de Blasio and asserted that they were sure that the city would 'remain a thriving global center of commerce, innovation and opportunity.' 

But despite New York having an infection rate below one per cent for more than 30 days, the CEOs said there was widespread anxiety over public safety, cleanliness and other quality of life issues that are contributing to deteriorating conditions in commercial districts and neighborhoods across the five boroughs.' 

The letter called for de Blasio and Gov. Andrew Cuomo to help send out a 'consistent message' about when people in the city could expect to come back to a 'safe and healthy work environment.' 

Failing to do so, would continue to cause raised 'concerns about security and the livability of our communities are addressed quickly and with respect and fairness for our city’s diverse populations,' the CEOs claimed.

The CEOs called for de Blasio to take 'immediate action to restore essential services' as the first step in fixing the complex economic challenges the city was sure to face in the wake of the pandemic.

'We look forward to your response and to partnering with you and others who share a commitment to a vibrant recovery and a great future for our city,' the CEOs concluded in their letter. 

Of course, you should ask how many of these corporate titans are major Democratic Party contributors. Surely, they preferred Michael Bloomberg to Bill de Blasio, but many of them have loyally supported the Democratic Party. They are merely suffering their own political dereliction. This makes it more difficult to sympathize with their chagrin.

As for Comrade de Blasio, he takes no responsibility for the city’s decline. He has shifted the blame to the federal government, that is, to the rest of the country:

de Blasio took to Twitter and shared that he was grateful for the business community for helping 'rebuild a fairer, better city.'

'Let’s be clear: To restore city services and save jobs, we need long term borrowing and a federal stimulus — we need these leaders to join the fight to move the City forward,' he said. 

If that’s the best the mayor can do, these executives are whistling in the dark.