NYC Update/Outlook
Like quite a few people on this forum, I moved out of NYC once WFH started but now I'm starting to miss NYC culture.
Just checked out rent prices in NYC... seem to be a step function lower than where I remember ~1 year ago. Had a few brief visits into the city in the past couple of weeks and the "nightlife" (which is now apparently pre-11PM) seemed better than I heard/expected. For those of you still in NYC, how are you thinking about living in the city now that winter is coming (and outdoor dining/rooftop bars will be presumably impaired), although some bars/restaurants are opening up indoors and finding work-arounds, etc.?
In other words, assuming financially it won't be an issue, does enough of the "old NYC" seem like it's still around?
Following
Over the summer NYC was fine. Outdoor dining is one of the few things I thought the city was missing to begin with, and while it sucks that you can't go into bars, being able to drink on the street is nice. I've seen bars open past 11pm (probably illegally), and the streets they shut down actually end up being pretty fun, with lots of people dining and drinking outdoors.
I imagine it's going to be rough going in the winter. Some of the restaurants are already putting up more "permanent" outdoor seating areas, presumably because they're easier to heat. A lot of what makes NYC a fantastic place to live and work certainly won't be around until the spring, though. Late night bars, cultural opportunities curtailed, etc. That being said I imagine that'll be the case in most places.
Yeah winter is definitely the big question mark... but man I feel like it's my birthright to be in the city on that first sundress day.
Is there any sort of guidance for when banks might expect people back in person, or how long WFH is "officially" lasting until at least at their bank? Starting FT next summer and wondering what the general perception of working and what NYC is like right now.
Hey can give some guidance here. At mine it’s been very division specific. The divisions that have already started coming back are all doing some sort of hybrid system. Still very empty on some days though. My friend who’s at a smaller bank won’t return for quite some time. So I guess i could say it really depends on the size of the bank and it’s ability to accommodate safety
Most banks are financial firms expect to “end” WFH in July. Frankly, I don’t think WFH will ever end. Employees at all levels got a taste of being able to complete their work in the comfort of their home, something only previously available to senior executives like VPs, MDs, etc. So I think in July, companies will plan to bring employees back for 3-4 days a week. Then do WFH 1-2 days a week. We don’t have a vaccine nor have we suppressed COVID. Until that happens, I don’t see how firms can mandate all employees to be in the office 5 days a week.
Summer was pretty vibrant. Winter will be medicore in my opinion. I’m a hardcore New Yorker and I never bought into the “death of NYC” crap that the media and people were exuding. However, common sense is when it is colder, people are less active. Plus, many activities you can do in the summer weather are not feasible or convenient in the winter. Frankly, I feel bad for restaurants. Who really wants to dine outdoors in 35 degree weather? I know some places will have pods and heaters but like really? Feels too much for me. Rather just eat at home if I have to be subject to that. Clubs and many bars are still closed for the foreseeable future. Let’s hope an actionable, responsible plan happens in 2021 to suppress COVID so we can take real steps on returning to “normal” life.
"They're gonna need a wrecking ball to take. me. outta here."
DeBlasio is ruining this city, restaurants are closing (bankrupcy) all over. The City is dead, if you are in the "know" there are still parties going on, underground clubs and speak-easy's, etc. But the vibe of the City is gone. Most people left, and I don't blame them. Winter is coming and you can expect more cases, more cold and flu, more coronavirus, more lockdowns, etc. It's a mess.
DeBlasio is a mess. I’m no fan of him but tbh I think he’s handicapped. City has a budget deficit, unemployment and lawlessness is through the roof, we’re still in a pandemic, we’re in election season, and tensions are high in the NYPD, Jewish community, and black community. I think he’s just waiting until the end of his term to just pass the buck to someone else. I am in the know about lowkey parties going on but I’m not risking it. Anyone eager to party during COVID has to re-evaluate their life. I’m not as scared of COVID as many people are but at the same time, I’m not just gonna be reckless and openly welcome it.
How do you get “in the know”, so to speak? Where do you meet the right people to get invited to these sort of things
I agree that De Blasio is an idiot and a coward, but it's hard to pin this one on him. Cuomo calls a lot of the shots and has a lot of enforcement power.
Obviously fluid situation at the moment, but do people think we will all be in the office next summer? In a post COVID world how flexible do you think employers will be in allowing WFH?
Already heard some firms will be doing WFH internships next year
Which firms?
Source? which firms
I think we’ll be in the office in July but not at 100% capacity. Maybe more like 40%-50% occupancy. Then slowly increase over time, assuming there isn’t a surge in cases. I think big firms(JPM, WF, BofA, DB, GS, etc) will probably allow every employee to WFH for at least one day a week. It’s not unreasonable at all.
Indefinitely or until there’s a vaccine?
NYC and NY State are going to have to lay off scores of people too because they are likely not getting a bailout past Mitch McConnell. They were banking on Dems taking the Senate.
It's a lot harder to keep all but 1 member in line, than 4.
Also, McConnell will likely give in on stimulus, because he'll use it as an opportunity to hammer the Democrats for fiscal irresponsibility (because there is no end to the hypocritical shit he can shovel down his supporters throats without consequence). Otherwise Democrats will have a field day in the midterms and hammer his entire caucus over how little they care about the American people.
No doubt he passes a stimulus, but doubt it includes all of the billions NY needs to balance its budget for 2020. Cuomo and others need to cut heads now or it’ll just get worse the longer they wait. Very irresponsible of him to have no made big moves already.
Yeah it doesn’t have anything to do with the budget deficit and frivolous spending they’ve been doing over the last ~50 years. Dang you Mitch! He runs NYC terribly!
Well, NYC's deficit has as much to do with redirection of tax revenue upstate as anything else.
And for what it's worth, Kentucky is about the worst state in the Union in terms of fiscal health. So... in a state where he has a ton of influence and directs a ton of federal pork, he's failing there too. By all accounts, Mr McConnell is actually a far worse steward of public resources than anyone else... hence the 2017 tax cut, which has to go down as one of the most irresponsible tax cuts in American history.
Crime is up. A lot more homeless people and mentally sick people roaming the streets of NYC. The subway has an eerie vibe.
Rent should be lower but landlords are purposely not putting more vacated apartments on the market to prevent a further drop in rent.
Williamsburg/Greenpoint rents took a huge hit, see for yourself on naked apartments/streeteasy.
I think winter will be tough for everyone, but come the nicer weather of spring, and ideally COVID vaccines starting to become more available, thinks should open up more over 2021.
Let’s hope. Hate to say it but the president and senate are going to have a huge impact on how quickly we progress.
Voluptas quam fuga sunt pariatur autem et et. Facere earum sit praesentium accusantium asperiores. In ut soluta suscipit qui magni. Molestiae veniam at inventore incidunt in voluptatem.
Minus perferendis aut magni et. Eaque natus et possimus voluptas. Non nostrum magnam expedita quia. Et quia aut adipisci in. Veritatis nobis id quo et non est quas facere. Non hic ipsa debitis quis quasi.
Voluptas dolore ut iste est dignissimos necessitatibus neque. Sed repellat consequuntur ut sunt eius sit. Nisi itaque error exercitationem ducimus.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Rerum quae velit molestias incidunt placeat est repudiandae. Pariatur eveniet molestiae ipsum quis dignissimos.
Et voluptate nulla non odio tenetur voluptatem numquam. Consequatur itaque ullam voluptatem est fuga voluptate. Ut officiis totam quis qui adipisci praesentium. Qui ab non inventore consectetur. Rerum consectetur exercitationem dolorum tempore non ducimus. At quas hic beatae inventore ea nam ea.
In enim et assumenda laudantium quas libero. Atque est earum et facere veritatis praesentium et. Non occaecati ipsa quod tempora aut. Sint sit qui libero corrupti. Veniam perspiciatis natus nam consequatur.
A soluta voluptas est id blanditiis mollitia. Omnis neque amet hic voluptate maxime expedita quia. Suscipit error necessitatibus saepe voluptatem inventore dolores. Eveniet culpa voluptatibus vitae. Consectetur quos quas incidunt vel porro aliquid quis. Occaecati facere cupiditate fuga. Aut magni minus omnis cupiditate quo.