The phenomenon of leaving New York City continues, as the demand for houses in the suburbs of the big city, such as the counties of Westchester and Long Island, but also in neighbouring New Jersey, has increased significantly, while many companies continue to adopt remote work practices.
Dozens of shoppers are concerned about the health risks lurking in New York City’s crowded urban neighbourhoods and want more space than the suffocatingly populated city can offer.
According to recent data, in July there was a 44% increase in home sales in the suburbs surrounding the city, compared to last year, while in some counties the increase in demand exceeded 100%. At the same time, the number of properties sold in Manhattan decreased by 56% compared to last year.
Analysts and brokers are talking about an unprecedented trend in the recent history of the city, similar to the phenomenon of commuting in the suburbs that took place after World War II.
At the same time, people leaving New York will no longer pay income tax in the city, says Maria Doulis, vice president of strategy and operations of the Citizens’ Budget Committee, adding that the flight of the population could cause a possible blow to its budget.
However, Mayor Bill de Blasio appears optimistic, stating last week that there is no doubt that New Yorkers who left during the pandemic will return soon. “If you think New York will not recover, then you just do not know New York,” de Blasio said.