More than 13 thousand apartments were empty at the Manhattan center in new York city since the beginning of the pandemic coronavirus. This mark has increased more than twice compared to the previous year and was the highest for the last 14 years, CNBC reports.
Number of lease transactions of real estate to plummet beginning in March 2020, when the pandemic was announced coronavirus. Then most of the tenants left their apartment, and the main financial center of the United States actually lost its inhabitants. Agency for housing expected return of clients to the market in the summer. But in June, the number of vacant apartments rose by 7.5 thousand, and in July, 10 thousand.
Experts suggest that the decline will continue in the fall. This can greatly affect the economy as a whole. “At the moment, the level of migration out of the city much higher than in the city, so the next couple of years, especially in the Upper East side, will be very difficult for landlords. They will lose a substantial part of income and will not be able to pay a tax on real estate,” said Jonathan Miller, CEO of Miller Samuel, engaged in real estate valuation.
Earlier it was reported that the combined wealth of the people of new York over the past year decreased by approximately 336 billion (13 percent) due to the impact of the pandemic coronavirus.
