New York is the world financial capital, the epicenter of global financial problems, and financial companies will shrink in size. So New York's prospects are poor relative to other markets. We've all heard that line of reasoning. A real estate consultant was throwing the New York demise scenario at me the other day on a shuttle trip to Washington. "You know where Morgan Stanley's commercial bank is located? he asked and then answered "Charlotte. New York is going to lose a lot of jobs."
I agree--New York will get taken down several pegs and deserves it. The Wall Street capital machine was built on a mirage and now the money flows coursing through the local economy have been slowed dramatically. For rent signs appear in store fronts. New condo projects look eerily empty. Street traffic is noticeably down. Restaurants suddenly close. And city and state governments cut back on services. It's not a great scene.
But New York will not be supplanted by any other U.S. city, and certainly not Charlotte, as the nation's premier center and most important real estate market.
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