Is New York Back? Crime and Jobs Data Point to a Long Recovery
Yes, there are encouraging signs of life. But the city has a long, long way to go before it returns to economic good health.
Patience, urbanites, recovery is going to take some time.
Source: Bloomberg
One could get the impression from reading headlines these days that New York City is back. Landlords are jacking up apartment rents by as much as 70% from pandemic lows. Google just said it would buy a downtown Manhattan building for $2.1 billion, the biggest office transaction in the U.S. since Covid-19 hit. Subway ridership is reaching new pandemic-era highs. And so on.
Indeed, the city has come far from the awful days of spring 2020. By a few metrics — apartment rents, mainly — it really is back to where it was before the pandemic. By most others, though, it still falls miles short of a full recovery.