The pandemic has battered New York City businesses, with almost 6,000 closures, a jump of about 40% in bankruptcy filings across the region and shuttered storefronts in the business districts of all five boroughs.
It’s going to get worse.
This fall, the nation’s largest city will see even more padlocked doors as companies burn through federal and private loans they tapped in March, landlords boot businesses that can’t make rent, and plummeting temperatures chill outdoor dining and shopping.
“By late fall, there will be an avalanche of bankruptcies,” said Al Togut, a lawyer who has handled insolvencies for small businesses and huge corporations like Enron. “When the cold weather comes, that’s when we’ll start to see a surge in bankruptcies in New York City.”
New York City and its businesses have reached a pivotal point. After over six months with the specter of Covid-19 hovering in every subway car and corner bodega, the virus is showing signs of resurgence.
The state of New York on Saturday reported more than 1,000 new cases for the first time since early June. Spikes emerged in south Brooklyn and Queens neighborhoods with large Orthodox Jewish communities, just as they observed Yom Kippur. Meanwhile, principals called on the state to take over schools days before they restart in-person classes, saying Mayor Bill de Blasio failed to ensure enough staff to open safely.
The coming wave of business closings will touch every New Yorker as jobs get scarcer, neighborhoods lose beloved shops and families run out of cash.
Already, dwindling tax revenue has led to cutbacks in municipal services. Trash on sidewalks, unkempt parks and an increase in shootings have made it more difficult to persuade workers to return to offices, more than 150 executives told the mayor in a letter this month. A dearth of office workers is a death knell for many merchants.
“It’s a crisis, and we need to act—our economy can’t recover without saving small businesses,” said city Comptroller Scott Stringer, a candidate in next year’s mayoral election. “When they close, we don’t just lose our beloved Main Street businesses. We lose jobs, tax revenue and the economic backbone of our city.”
The pandemic could permanently close as many as a third of New York’s 230,000 businesses, according to the Partnership for New York City, a business group.
23 comments:
So the parody song is is actually true.
Progressive Wilhelm the I-st killed NYC.
Some legacy.
The pandemic was not kind to anyone. Who was really prepared? Did anyone know really know how this virus was? What is was capable of doing? Is this vaccine a one shot deal like some vaccines? Or will be like the flu where we need a shot every year?
The mayor the worst in my lifetime and I thought Dinkins was bad. You got two divided political entities which trickle down to the little guy.
Who will clean up the mess this mayor made? This person sure has his or her work cut out for them.
This fucking idiot mayor is more concerned about the stupid BLM painted on the streets then the small businesses which are the lifeblood of this city. Instead of taking the money and spending it on a worthy cause like small business he instead pisses the money away on cops guarding the stupid mural around the clock.
This idiot is clueless and is slowly killing this city. God help us all.
News Flash! People don’t like Marxism, and Epstein didn’t kill himself.
Can NYC survive another year of DeBlasio and BLM? We have to get the next mayor right or the City is doomed.
Progressive? More like a total incompetent!
cumo and diblasi be like "We're taking the hobbits to Isengard!"
And guess what? After this whole "pandemic" actually ends, there will soon be a huge surge of jobs being outsourced to India. Once companies see that jobs can be done remotely, they will ship the jobs overseas! And all you that are moving out of nyc, might soon be sorry because their nice comfy, remote work might not be there within the next 3-5 years especially if Biden gets elected.
*After this whole "pandemic" actually ends, there will soon be a huge surge of jobs being outsourced to India*
Depends on who will win in November.
Just mentioning, not much outsourcing anymore, is called AI, robotics, self learning machines, etc.
Apparently the globalist commies think 9-10 dollars with no vacation is still too much to pay for human labor.
Wonder after all the greed and the 15th private jet and 20th yacht who will buy their junk.
“And all you that are moving out of nyc, might soon be sorry because their nice comfy, remote work might not be there within the next 3-5 years especially if Biden gets elected.”
I was agreeing until that last sentence showed you don’t know what the hell has been going on for the last 50 years.
It has long been the gop who have undermined the very tools that created the middle class; public education and collective bargaining.
In much of Asia and European nations governments passed laws that restricted the wholesale off-shoring of labor & services.
Here in North America the business interests hired consultants and paid conservative politicians to yell “communism” –when any such restrictions where suggested.
The result has been forty-plus years of erosion in real buying power along with less job security and growing realization in succeeding generations that their lives will not be as good as that of their parents.
There is couple of old and simplistic sayings that are still apt:
That a workingman voting republican is like a chicken voting for Col. Sanders.
&
The two types of republican are: Rich or stupid.
Rob in Manhattan
@Rob
You are still pushing ideology over substance and reality.
No mention of the criminal cartel that took over in 1987 and controlled and managed the destruction of this great country.
Need to read a bit more, most folks don't buy partisan politics along party lines, the favorite technique for the powers to be to conquer and divide.
@Rob in Manhattan I'm trying to understand your thoughts but do you really believe what you post here on Queens Crap ? You have been posting Left-Wing Propaganda and I have to admitt that as a conservative I must read what enemies of freedom have to say about the Marxist political lobby in the West. Common sense and statistics always beat the leftists, thank GOD !
"The two types of republican are: Rich or stupid."
Why is the Tolerant Left so Intolerant ? Have you had one too many joints/drinks tonight Robbie ? You and Ronnie S spew Leftist hysteria and outrage on Queens Crap and I enjoy the comments while eating my popcorn !
Rob,
Not so fast, Rob. Plenty of Democrats have helped along the "offshoring" of labor. It's a uni-party thing. In fact, the main people pushing the offshoring now are tech CEOs who are almost exclusively Democrats. And wasn't it Bill Clinton that pushed NAFTA through?
Today's Dem party is for intolerant, left-wing, coastal morons like yourself.
Only Catsimatides can fix this. Hopefully, he will run.
"It has long been the gop who have undermined the very tools that created the middle class; public education and collective bargaining".
Who has controlled public education for decades? Oh yeah, Progs. That's why we have dumbed down sheeple who spit on their country's flag by teaching about the greatness of Marx and multiculturalism while discarding common sense and real history, much less the basics.
Republicans may be stupid at times but so called Democrats are beyond retarded all of the time as they gleefully strive to destroy the middle class they look down on. And while you're at it, try to not overlook those poverty stricken Dems such as Soros, the Clintons, Pelosi, et al.
Republicans may be stupid at times
Not really, the RINOs come to mind, joined in the good times with the cartel friends.
You and Ronnie S spew Leftist hysteria and outrage on Queens Crap and I enjoy the comments while eating my popcorn !
No worries, at least they are posting and not burning and rioting in the name of social justice and racism.
They also show how ignorant they are, thanks to either Craig's list or to the public education system.
For anyone to blame this severely overhyped pandemic for the economic chaos is like a drunk driver after crashing blaming the car for causing the accident.
No, this is the result of the policies imposed on us by our politicians, managerial bureaucrats and economists. Yes, they probably will off-shore most jobs people currently do at home on their laptops to any country with even a half-assed broadband connection where the labor is cheaper. This is because our rulers favor among other things David Ricardo's comparative advantage and labor theory of value.
So what to do with all the idled proles? I wonder if Gates was kidding when he talks about reducing the population. What if hospitals continue not performing cancer screenings or other elective procedures because of muh covid demon virus. Notice however, with all the NYC epicenter of the pandemic because of the population density whinging the building rampage continues and the population density continues to increase. Either they're lying about how bad covid is or they're using a passive-aggressive method of killing us. Maybe both.
Further, it doesn't matter who is president nor what party and elected politician comes from, this is the policy and it is unchangeable. This is because elected politicians do not actually run the country- tenured bureaucrats do. The electeds can if they want to, but they usually don't because the bureaucrats will just drag their feet in executing policies they don't like or simply refuse the executive as it's nearly impossible to fire them. This leaves politicians free to engage in various intrigues, collect tribute from their corporate vassals and play other games with which to amuse themselves.
Even if they did it still wouldn't matter as politicians are a social class of their own, socially and culturally isolated from the people over whom they govern, and with their own common class interests. Same with the bureaucrats. Politicians can only advance if they toe the ruling class line. In both cases, personal loyalty to recognized superiors, ideological purity and now the identity group one belongs to trumps talent and ability.
Then there's the think tank/non-profit foundation/political advisor class. Most of whom the perfect little Davos people attended the same two big name ivies, studied the same courses under the same professors, made the rounds of the think tanks, round table groups and companies like McKinsey and Co. and have the same view of how the world ought to be run. And they have the ears of politicians and managerial apparatchiks. So like it or not, the policies are the policies, things are because our betters said so and there ain't nothing any of us are able to do about it even if enough of us grew the balls to try.
So if small and many medium sized businesses go extinct along with some 75% of the peasantry as collateral damage, this is a feature, not a bug.
More than enough said.
Donald Cavaioli
@Don
"Then there's the think tank/non-profit foundation/political advisor class. Most of whom the perfect little Davos people attended the same two big name ivies, studied the same courses under the same professors, made the rounds of the think tanks, round table groups and companies like McKinsey and Co. and have the same view of how the world ought to be run. And they have the ears of politicians and managerial apparatchiks. So like it or not, the policies are the policies, things are because our betters said so and there ain't nothing any of us are able to do about it even if enough of us grew the balls to try."
This is what everyone should be marching on the streets and bridges against. The pernicious influencers that's been perpetually shaping policies for decades and are now managing this recovery.
Well said. And thorough.
like McKinsey and Co.
For some reason this company keeps coming up in almost everything we see and read today about outsourcing, Rikers Island corruption, etc.
Some big investigation is in order. Better yet, anybody remembers their attempted run for the presidency? Buttigieg rings a bell?
@Rob
Trying to reason with fascists is a futile endeavor. Trumpanzees are the lowest form of life the planet has ever endured. Making fun of them is a little cruel, but I really do enjoy reading their reactions. This site is like one of those shark watching tours. The guide throws some chum in the water and the sharks gobble it up in a frenzy. Except the sharks are a little smarter than Trumpanzees. All fascists need to get them in a frenzy are a few trigger words like, bicycle, face mask, environment, clean air, clean water, regulation, Obamacare, gun control, organic, equality, climate change, Hillary, vaccine, education, science, Europe, Canada, Mexican etc. A smattering if these words in any situation is almost guaranteed endless entertainment, countless googled “facts”, yells of “Communism”, canned rage from years of Fox programming. And then, to make themselves feel good, they refer to themselves with the PC term, “Conservative”, even though the only thing they conserve is their big fat asses.
Trying to reason with fascists is a futile endeavor.
You still don't understand what the word fascist means.
The rest of your diatribe is plain junk.
How much does George pay nowadays for Craig's List hired help?
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