Mark Zandi, chief economist for Moody’s Analytics predicts it will take New York City at least 2 years, and possibly more for New York City to recover. All of the advantages New York has to offer – Broadway, tourism, skyscrapers full of office workers, and networking opportunities are disabled by this pandemic. 2.3 million New York state residents are collecting unemployment, 1.3 million in the City alone.
Vicky Been, a city official, makes a great point to the contrary of this dreariness. New York still attracts top talent. That is not going to change. Look at big tech (Amazon, Apple, Google, & Facebook) who collectively hired thousands of workers. We are going to see a pivot to new and innovative industries that are helping New York’s revival. The economic consequences here are very real, but it is not as bleak as one may think.