RENT OWN SELL
Newyork
RENT OWN SELL
Newyork
2021 has been surprising for all of us. We braved the situation which we even were afraid to imagine. COVID-19 caught us off guard and brought the wheel of progress to a screeching halt.
It remained a double edge sword for us; on one hand, we have been fighting a biological war with the unseen enemy and on another front, financial war kept us all on our knees for fairly a whole year. Since March, there has been so much uncertainly in the air that all we crave is to sleep through the year.
NYC remained the hotspot of Coronavirus in the United States. It had more active patients and a higher rate of death, initially than other states.
At first, it was a fatal blow as all the economic activities were halted without even a warning. Unemployment rose to a record high as nearly 50,000 workers lost jobs a week in NYC. It was four times higher compared to the great depression of 2008-2009. In June, the unemployment rate was as high as 20% even amongst the reopening of businesses during that time. A total of 25 million job losses remains a record since 1930.
Unemployment brought a host of issues with it which impacted the real estate sector as well. Due to unemployment, people were not able to meet their monthly expenses. And even harder was the payment of rents for them. Those tenants who lost a job during the pandemic were in big trouble and some resorted to downsizing while others took great peril for paying rent timely.
As if it was not enough, social distancing and staying in-door proved disastrous as people stopped hunting homes and preferred to wait through the pandemic. Besides, there was so much uncertainty in the air that people waited for the economy to stable. It created financial problems for those who were attached to real estate sectors such as agents and brokers.
First, three months of corona’s advent were utter chaos for the business but then things started falling in place. Normalcy started coming into the city but in installments.
We must give the credit where due, authorities, led by the visionary governor, took bold decisions and made effective policies to breathe life into the city again.
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After a horrific episode of the Coronavirus, normalcy started coming to the city towards the end of summer. Local authorities made smart moves and implemented health protocols strictly to bring economic activity back. Major industries were opened with certain protocols and people started finding jobs again.
However, keeping the latest trends in mind, the danger of the second wave looms large in the air. In recent weeks, it has been observed that confirmed cases are increasing again. In October’s first week, the average was close to the threshold of seven days 550 as described by Mayor Bill de Blasio.
Mayor has already started implementing new instructions for business and is considering closing non-essential businesses once again in the larger interest of the new Yorkers. Though, it will not be easy, admits the mayor but considers it a necessary step in the wake of second-wave COVID-19.
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So far things have not become worrisome but danger looms in the air. It provides a glimpse of what it can turn into. To be honest, people are completely exhausted by the first wave that it is not merely a financial burden but also psychological pain.
Until we have the vaccine in stores, uncertainty is not going to fade away on its own. It stands most true for economic activities as well. Until it recovers fully from the pandemic, the economy is not going to revive fully.
COVID-19 has devastated some of the sectors completely while others are having a tough time; real estate is one of them to talk of a few. Another shutdown would fall like a bombshell on their nerves. In the first lockdown, commercial value for real estate fell almost 25% and the second wave has already made a dent of 5% in its initial stage, you may anticipate what’s coming our way.
Across the globe, COVID-19 posed serious threats to all spheres of life. Unfortunately enough, NYC became a victim of it at the earliest without any time for preparation. What worsened the situation was that there was the least information available about the invisible enemy.
However, the city bounced back after hitting rock bottom and flattened the curve, thanks to the sheer dedication of local authorities.
If we look at the stats, NYC stands at the cusp of confronting the second wave of the Coronavirus. It is too early to predict the impact it would leave as there is still a lot of uncertainty in the air.
What we can say with utmost confidence is that until the vaccine is not developed and available on the market, we would not be able to bid farewell to the Coronavirus, once and forever.
