New York is finished! Big Apple born-and-bred entrepreneur pens devastating blog on why city will never recover after being devastated by Covid, looting and a crime wave
A born and bred New Yorker has laid bare why the city will never recover from the COVID-19 pandemic, a dark week of looting in June and its ongoing struggle against escalating crime, homelessness and violence.
James Altrucher, who co-owns a comedy club in the city and also describes himself as an angel investor and author, is among the many who have fled New York City.
He and his family fled to Miami after the June riots and looting made them fear for their lives and their children's safety, when people tried to break into his apartment building.
He is convinced that the city will not 'bounce back', as many claim it will, and explains that unlike in previous times of crisis like 9/11 or the crime wave of the 70s, there is nothing bringing people back now because everyone can work remotely.
'Even in the 1970s, and through the ’80s, when NYC was going bankrupt, even when it was the crime capital of the U.S. or close to it, it was still the capital of the business world (meaning, it was the primary place young people would go to build wealth and find opportunity,' he wrote in his blog.
'It was culturally on top of its game — home to artists, theater, media, advertising, publishing. And it was probably the food capital of the U.S.
'NYC has never been locked down for five months. Not in any pandemic, war, financial crisis, never.
'In the middle of the polio epidemic, when little kids (including my mother) were becoming paralyzed or dying (my mother ended up with a bad leg), NYC didn’t go through this,' he wrote.
THE END OF NYC CULTURE
One of the things that used to attract people to the city is its endless amount of attractions. Now, all entertainment venues are closed for the foreseeable future.
'I love NYC. When I first moved to NYC, it was a dream come true. Every corner was like a theater production happening right in front of me. So much personality, so many stories.
'Every subculture I loved was in NYC. I could play chess all day and night. I could go to comedy clubs.
'I could start any type of business. I could meet people. I had family, friends, opportunities. No matter what happened to me, NYC was a net I could fall back on and bounce back up.
'Now it’s completely dead.
An abandoned Times Square on Saturday with a billboard welcoming people back to the city. Thousands have fled, crime is on the rise and there is growing concern for how leaders like de Blasio and Cuomo are responding to the crisis
“But NYC always always bounces back.” No. Not this time.
“But NYC is the center of the financial universe. Opportunities will flourish here again.” Not this time.
This time is different. You’re never supposed to say that but this time it’s true. If you believe this time is no different, that NYC is resilient, I hope you’re right.
“NYC has experienced worse.” No it hasn’t,' he wrote.
His comedy club are among those that have closed.
'It’s a great club. It’s been around since 1986 and before that it was a theater...we have no idea when we will open. Nobody has any idea.
'And the longer we remain closed, the less chance we will ever reopen profitably.
'Broadway is closed until at least the spring. The Lincoln Center is closed. All the museums are closed.
'Forget about the tens of thousands of jobs lost in these cultural centers. Forget even about the millions of dollars of tourist-generated revenues lost by the closing of these centers.
'There are thousands of performers, producers, artists, and the entire ecosystem of art, theater, production, curation, that surrounds these cultural centers. People who have worked all of their lives for the right to be able to perform even once on Broadway, whose lives and careers have been put on hold.
'I get it. There was a pandemic.
'But the question now is: What happens next? And, given the uncertainty (since there is no known answer), and given the fact that people, cities, economies loathe uncertainty, we simply don’t know the answer and that’s a bad thing for New York City. '
Among the biggest loss is the closure of restaurants.
'My favorite restaurant is closed for good. OK, let’s go to my second favorite. Closed for good. Third favorite, closed for good,' he said.
FASTER INTERNET MAKES WORKING FROM HOME EASIER THAN AFTER 9/11
'I lived three blocks from Ground Zero on 9/11.
'Downtown, where I lived, was destroyed, but it came roaring back within two years. Such sadness and hardship and then quickly that area became the most attractive area in New York.
'And in 2008/2009, there was much suffering during the Great Recession, again much hardship, but things came roaring back.
'But… this time is different. You’re never supposed to say that but this time it’s true.
'If you believe this time is no different, that NYC is resilient, I hope you’re right.
'I don’t benefit from saying any of this. I love NYC. I was born there. I’ve lived there forever. I STILL live there. I love everything about NYC. I want 2019 back.
FILE - A woman wearing a mask walks her dog past the New York Stock Exchange, Tuesday, June 30, 2020. Wall Street is a ghost town now, like the rest of the city, with more and more people continuing to work from home
'But this time is different. One reason: Bandwidth.'
In 2008, the average bandwidth speed was megabits per second, which was not fast enough for a Zoom meeting. Now, it's 20 per second.
'There’s a before and after. BEFORE: No remote work. AFTER: Everyone can work remotely. The difference: bandwidth got faster. And that’s basically it. People have left New York City and have moved completely into virtual worlds.
'The Time-Life Building doesn’t need to fill up again. Wall Street can now stretch across every street instead of just being one building in Manhattan.
'We are officially AB: After Bandwidth. And for the entire history of NYC (the world) until now, we were BB: Before Bandwidth. Remote learning, remote meetings, remote offices, remote performance, remote everything.
In 2005, a hedge fund manager was visiting my office and said, “In Manhattan you practically trip over opportunities in the street.” Now the streets are empty.
'That’s what is different,' he said.
Later, he said bleakly: 'Businesses are remote and they aren’t returning to the office.
'And it’s a death spiral — the longer offices remain empty, the longer they will remain empty.
'In 2005, a hedge fund manager was visiting my office and said, “In Manhattan you practically trip over opportunities in the street.”
'Now the streets are empty.'
HOMELESSNESS AND CRIME ON THE RISE
Altrucher also cites a Facebook group where residents aired their concerns.
'In the last week: I watched a homeless person lose his mind and start attacking random pedestrians. Including spitting on, throwing stuff at, and swatting.
'I’ve seen several single parents with a child asking for money for food. And then, when someone gave them food, tossed the food right back at them. I watched a man yell racist slurs at every single race of people while charging, then stopping before going too far.'
Another said: 'I’ve been living in New York City for about 10 years. It has definitely gotten worse and there’s no end in sight.
'My favorite park is Madison Square Park. About a month ago a 19-year-old girl was shot and killed across the street.
'I don’t think I have an answer but I do think it’s clear: it’s time to move out of NYC.
'I’m not the only one who feels this way, either. In my building alone, the rent has plummeted almost 30% — more people are moving away than ever before. So…
Homeless people in New York City on August 14. Some residents say they no longer want to stay in New York because the homeless population is growing and becoming more aggressive
In the last week, there have been more than 60 shootings across New York City that have left 76 people injured and 14 dead. Above, one crime scene on August 16
'It’s not goodbye yet. But a lifelong New Yorker is thinking about it.'
Altucher said he was not tempted to leave until June, when riots and looting took over the city for a week.
'Nothing was wrong with the protests but I was a little nervous when I saw videos of rioters after curfew trying to break into my building,' he wrote.
He has now moved with his family to south Florida and is unsure if they'll come back.
'I’m temporarily, although maybe permanently, in South Florida now. I also got my place sight unseen,' he wrote.
Not everyone shares his view.
Jamie Dimon, the CEO of JP Morgan Chase, said recently there was still a need to bring people back into offices.
Facebook is also investing in New York City to try to ensure it will remain a global business center.
As shootings spiral, there is also a growing homeless problem with encampments popping up all over Manhattan. 13,000 homeless people have also been moved into hotels around the city
In the last five years the number of shootings fell to a low of 754 in 2018, but is now rising
The Sergeants Benevolent Association, the largest NYPD union, is endorsing Trump for re-election. The union is furious with de Blasio for stripping some of the police department's resources
President Trump has lashed out at New York City's mayor Bill de Blasio after a weekend of violence in which at least 50 people were shot in various incidents across the city
His comments come as the NYPD's largest union - the Sergeants Benevolent Association - has taken the unorthodox step of formally endorsing Trump because cops are so frustrated with de Blasio's handling of the city.
In June, he stripped the NYPD of $1billion in response to Black Lives Matter protesters who wanted to defund the department entirely.
Trump has vowed to revitalize the city if he wins the November election, but he hasn't yet explained how. De Blasio remains in power until November 2021. He cannot be re-elected.
On Monday morning, the President phoned into Fox & Friends to discuss a range of issues, including New York City.
'The mayor has no response. He doesn't know what he's doing, he's a fool.
'He's a socialist, communist maybe he's a fool. He got rid of some of the most talented policemen that there are in the world and that includes looking for very bad things all beyond New York.
'Some of those people are gone and that's no good. No, this is a fool. This is a fool.' he said of de Blasio.
Crime has shot up in recent weeks, particularly shootings. There were more than 60 shootings across New York City in the last week, leaving 76 people injured.
Trump said on Monday: 'Look at the shootings. When I left New York four years ago, New York was, I could see the seeds of this because he's been a bad mayor but new York was good.
'It was okay. It all happened recently. It all came together. All of this over a period of years as he's been mayor, but about a year, and then six months ago, it's incredible what happened.
'When I left New York four years ago, we were doing great. I was doing good. Everybody was doing good. Now but you could see the seeds were being sewn.
'The seeds it was happening, bad stuff was happening you could see it, the squeegies were starting to come out, tents were starting to be built on the sidewall.'
The President then praised Rudy Giuliani as a 'great mayor' who did 'a great job'.
'Rudy Giuliani did a great job, between window, you know, fixed broken windows because he said that's a sign and it leads a lot of people wouldn't even understand that.
'It's psychologically very important but Rudy, he was a great mayor and he did stop and frisk. He did stop and frisk. He took guns away from bad people.
'Now, if you take a gun away from a bad people oh, you got, you know, they sue you.
'They sue you. It's so crazy what they've allowed to happen,' he fumed.
Trump added that most of the country was 'strong' and 'law abiding', but that Democratic cities like New York, Chicago and Portland are 'run by fools'.
Last week, it emerged that 13,000 apartments were sitting empty in New York, the highest number in 14 years.
New York is finished! Big Apple born-and-bred entrepreneur pens devastating blog on why city will never recover after being devastated by Covid, looting and a crime wave
![New York is finished! Big Apple born-and-bred entrepreneur pens devastating blog on why city will never recover after being devastated by Covid, looting and a crime wave]()
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August 18, 2020
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