I expect this to simply become a cycle like most property and business cycles. The problem is been there has rarely been serious retractions in the price of real estate in the city. If it drops a serious percentage, like 30%, there are people and businesses who would find it attractive and there would be an up swing. As it was before covid, New York City had priced itself out of reality for many. It was a situation ripe for disruption.

The city budget is a different issue, the waste, poor choices, corruption and mismanagement create a situation where everything costs far, far more than it should. Perhaps a crisis is just what is needed to reassess the status quo of budgeting.