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Former hedge fund manager and entrepreneur James Altucher says New York City is dead and it’s not coming back.

Born and bred in New York, Altucher took his family and fled to Florida after the Black Lives Matter riots in June when someone tried to break into his apartment.

Since then, the city has continued to suffer a huge surge in shootings and violent crime as well as an anemic financial recovery from the coronavirus lockdown.

Appearing on Fox News Business, Altucher referred to images that were broadcast during the interview showing 6th avenue to be virtually empty.

“We have something like 30 to 50 per cent of the restaurants in New York City are probably already out of business and they’re not coming back,” he pointed out.

Altucher said that despite offices in midtown being allowed to be open, they’re still largely empty because companies like Citigroup, JP Morgan, Google, Twitter and Facebook are encouraging their employees to work remotely from home “for years or maybe permanently.”

“This completely damages not only the economic eco-system of New York City…but what happens to your tax base when all of your workers can now live anywhere they want to in the country?” asked the entrepreneur, noting that many were fleeing to places that are cheaper to live like Nashville, Austin, Miami and Denver.

Warning that the situation was “only going to get worse,” Altucher said that the old New York was not coming back and that creative and business opportunities would now be dispersed throughout the entire country.

“What makes this different now is bandwidth is ten times faster than it was in 2008 so people can work remotely now and have an increase in productivity,” he added.

As we document in the video below, the blame for all this lies firmly at the feet of two people, Governor Cuomo and Mayor de Blasio.


 

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I lived and worked in NYC for 50 years with occasional relocations to other places. I loved it!!! There was always something to do. It was exciting. I went non stop.
Now I look at it and talk to my friends that live there it's an empty shell. $20 million condos are going for 50% discounts. Empty apartments are being offered with 6 months free rent.
Its sad and pisses me off.
But it is dead.
The same thing is happening to all of southern California.

All because of an overreaction to a bad flu.

Let's just hope wehn all those NYers move they vote republican.


RIP NYC
 

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I have lived in NY for 38 years and have been to the city numerous times. Not too many times i would say it was great, had a blast, the traffic was ok or the place was clean. To me it's always been a concrete cesspool riddled with drugs, crime and and garbage. Only one time i would say i really enjoyed myself but it technically wasnt the city but it was when i visited Sands Point on the island. it was a nice little town on the ocean and reminded me of where i grew up in RI. The problem was you only had to drive several block to hit a run down areas which looked just like every other liberal city. I don't see myself ever going back to NYC....at least not for any type of enjoyment or vacation.
 

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I have had a love/hate relationship with NYC for many years. There was a point in time, early-mid 2000's where I was going to NYC quite often for recreation. (I can be in Manhattan in a little over an hour)
I don't know what started it but I became enamored of the city. I wanted to learn all about it as well as learn to navigate it. I would go at least once every 2 weeks. My favorite place in city became Greenwich Village. (what a cool place)
I spent a lot of time walking around that city. I avoided the subway simply because I didn't understand how it worked and didn't want to end up someplace I didn't belong. NYC (pre De Blasio) had something magical about it. It was an amazing city. You could find everything and anything you wanted there. Its history is amazing. The museums, the culinary offerings as well as simply endless amounts of things to do. I took my camera with me to take pics one time and I didn't shoot one pic because I was simply overwhelmed. My trips to NYC dwindled as I moved on to other interests.

I really began to dislike NYC when I had to go there for work. I am a service engineer and service what's essentially the NY/NJ/PA Metro area. Early on in my job we had a boat load of customer in LIC. (Long Island City) which is directly across the East River from Midtown Manhattan in Queens. Those trips actually made me grow to despise NYC.
Getting to customers was a monumental task. A drive that should take a hour and 15 minutes regularly took 2-3 hours and that was one way. I still travel there occasionally but its infrequent as almost all of those LIC customers have since moved to North Jersey.

NYC had a charm and allure that is now gone in my opinion and will take years to rebuild. Do I truly believe NYC is dead and not coming back?... I don't. Its just going to take years and some political change but I do believe NYC will rebound.
 

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They already have; one look at Miami and Tampa area proves that
noting that many were fleeing to places that are cheaper to live like Nashville, Austin, Miami and Denver.
All now blue cities in states going purple for the time being, except they bring with them their huge paychecks driving up housing costs like the CA folks did to Reno starting back in the 80s......
 

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Does Mr. Altucher, now that he left the ruined city of New York and have seen first hand how DemoRATS have ruined a once magnificent city, is going to vote Republican or he will attempt to create another NYC here in Florida by voting for the same type of idiots that created the problem in NYC?
Some people never learn.
 

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I had lived and worked in NYC all my life. Bloomberg and Giuliani really did a great job. I lived in the upper east side and rode the subway every day to work. I enjoyed the city. Then Bill de Blasio took over. I had already started looking to Florida to retire and this hastened the decision. I left in 2016 and thank God I did. I've returned twice to meet old friends and the decline (before BLM and Covid) was frightening. It is really hard to truly describe what I saw in the change. And, NO!! I did NOT bring any crazy left ideas to Florida. In fact, I've become a gun collector and shooter.
 

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I am originally from NYC and left in 1966 to enter the USAF.
I have never lived there again,not because I don't like it but other things came up.
I try to get back as often as possible and love it.
My only complaint...too many people, (5 mill would be nice).
 

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A DEMOCRAT/Communist inflicted enema. "Out with the good, In with the bad."
Your post gave me an idea, how about if we were to collect all DemocRATS, "basement dwellers", "snowflakes", "traveling companions", and all the trash inhabiting the BLM movement and Amtifa and send them to enjoy the "Utopia" that NYC has become?
 

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I live 30 minutes from NYC and the home prices here have skyrocketed in the last months. I house lasts about 3 days on the market. People are moving here from NYC. We have midtown direct trains and busses so if they have to, it’s an easy commute.
 

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Its heading that way. There has been a mass exodus for the last 6 months.
The only people leaving are the millionaires who go to The Hamptons,Nantucket or one of their other summer homes. Us regular folks have to stay.
Lots of millionaires in NYC but not enough to make a mass exodus.
 

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Not true. The 2 largest groups coming to Texas, for many years, are working class folks from NYC and California.
The millionaires are just the highest profile people getting out before they implode.

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