Hit hard by the Covid-19 pandemic, the city that never sleeps is facing a major crisis. Since the end of the lockdown, Manhattan in particular has looked like it has been abandoned. Economic activity has slowed down considerably, which threatens the financial balance of the municipality.
“I miss you”, can we read on the front page of New York Magazine, from October 12 to 25. Pulled by an airplane, the banner overlooks the skyscrapers of the Big Apple. “Even though the city is inhabited, everyone feels like they miss someone”, underlines the newspaper’s director of photography, Jody Quon, to explain the choice of the one.
Economic, health and budgetary crisis
The American magazine looks back on the economic crisis that has hit New York with full force since the Covid-19 pandemic. “The current crisis combines aspects of all the challenges that New York has faced in recent decades. As with Hurricane Sandy, it is a natural disaster. As with the 2008 financial crisis, we are experiencing a peak in unemployment and poverty. As on 11-SIn September, the victims are very numerous and undergo psychological trauma. And, as in the years 1970, the municipality has to face a budgetary crisis because of the tax revenues which will collapse. And all this takes place during an unprecedented crisis of authority, which thwarts any inclination to implement solutions ”, explains Eliot Spitzer, a former governor of the state of New York, converted into real estate.
Real estate is one of the sectors most affected by the crisis. Usually, New York is a city in perpetual evolution, in permanent construction. But today, the offices are almost empty, the demand for construction is less strong, many sites are at a standstill for lack of financial means and the market is collapsing. Despite everything, Eliot Spitzer is not overly worried about his business. He continues to build buildings. According to him, the demand will come back, it always ends up coming back.
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