The overvalued New York real estate companies NYC market has been slammed hard. However, the epidemic wasn’t the only factor affecting the city’s housing market. COVID-19 was difficult, but it brought one long-term concern to light.
Top Three Issues NYC Faces
While New York City has many fears and doubts, three major ones must be appropriately tackled to restore the city’s productivity and self-esteem:
- Public Transport
- Post-COVID-19 Going to reopen
While these challenges are evident, the absence of remedies is disturbing.
From 1994, there has been a net loss of approximately 150,000 rent-stabilized units in New York City, according to the New York Times. In addition, fees and tax increases began to appear due to the additional restrictions that were enacted. The proposed legislation will affect the millionaires who own large amounts of the property and minor landowners.
Public Transit System
The public transportation system in New York City is in desperate need of a significant renovation, but no one knows how to repair it. As a result, some New Yorkers have already begun purchasing automobiles for commuting to avoid using public transportation. In addition, following the terrorist attacks of September 11th and Hurricane Sandy, New York City saw traffic backups stretching from Manhattan to the suburbs.
Reopening the City Post-COVID-19
Governor Cuomo has modified the rules for new companies and religious restrictions. He wants the state to focus on its ailing economy. In 2020, New York City will have lost $1.2 billion in real estate transactions. Reopening plans and affordable housing are issues that New York City has to solve. Some analysts predict Manhattan will be divided into tiny company clusters. This may lead to less congested commutes, but it may also harm companies.
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