New York: The Big Apple, Now A Rotten Tomato

New York has forever been the epitome of cultural hegemony and thriving business opportunities, yet millionaire and diehard New Yorker, James Altucher believes New York is “dead”. Although the belief may seem radical, his article for the New York Post illustrates how the end might be inevitable for New York.

New York Skyline (Source: GetYourGuide)

New York has been heralded as the city of hustlers, as Jay Z says “If you can make it here, you can make it anyway”. Yet, the pandemic and the loss of jobs consequentially, has made James Altucher declare the “death” of New York, however he suggests the end was long time coming.

New York has reported the highest exodus of its citizens in the state’s history, with New York being the unfortunate topper of resident’s exodus. Many claim the writing was on the wall, prior to the pandemic. The trend of New York exodus is resultant of its own failures, but more importantly due to the success of other factors. James Altucher claims a reason for residents leaving prior to the exodus, was due to state taxes, stating “wait a second - I was paying over 16% in state and city taxes and these other states and cities have little to no taxes? However, New Yorkers such as James Altucher believed it to be a sacrifice for all the good NYC brings along it.

However, the notion was soon about to be changed, as the pandemic and the foreclosure of businesses and laying off employees, put into question the sacrifices many New Yorkers were making. New York exists due to the extraordinary amounts of opportunities that persist in the city, yet with residents’ careers on hold, many have had to face the harsh financial reality of New York.

In his article, James Altucher also details the social demise of New York. He brings up the fact that Broadway, the shining starlight of New York, isn’t operational until at least early 2021. James states “There are thousands of performers, producers, artists, and the entire ecosystem of art, theater, production, curation, that surrounds these cultural centers. People who have worked all of their lives for the right to be able to perform even once on Broadway whose lives and careers have been put on hold”.

However, James believes the exodus is more importantly due to vast improvement in technology. “Midtown Manhattan, the center of business in NYC, is empty. Even though people can go back to work, famous office buildings like the Time Life skyscraper is still 90% empty. Businesses realized that they don't need their employees at the office”, he states. James illustrates the use of Zoom and other telecommunication apps, are able enough to smoothly conduct office work. It is the numerous possibilities of zoom that have allowed New Yorkers to move to other parts of America. James Altucher states “Many people left temporarily but there were also people leaving permanently. Friends of mine moved to Nashville, Miami,Denver, Salt Lake City, Austin, Dallas, etc”

Simply put, James thinks businesses are going remote and they aren't returning to the office. And it's a death spiral: the longer offices remain empty, the longer they will remain empty. It is this reason, and the urge for a simpler/better quality of life that is causing the mass exodus.