{"id":216729,"date":"2021-04-01T00:12:40","date_gmt":"2021-03-31T21:12:40","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/nyc-exodus-report-should-be-required-reading-for-mayoral-wannabes\/"},"modified":"2021-04-01T00:12:40","modified_gmt":"2021-03-31T21:12:40","slug":"nyc-exodus-report-should-be-required-reading-for-mayoral-wannabes","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/nyc-exodus-report-should-be-required-reading-for-mayoral-wannabes\/","title":{"rendered":"#NYC exodus report should be required reading for mayoral wannabes"},"content":{"rendered":"

“#NYC exodus report should be required reading for mayoral wannabes<\/strong>”
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Researchers at the federal mortgage giant Fannie Mae just came out with a study that should be required reading for all New York mayoral candidates.<\/p>\n

The dryly titled \u201chousing insights\u201d paper<\/a>, \u201cCovid-19 Led First-Time Homebuyers to Move Away from Highly Dense City Centers,\u201d released Tuesday, includes a bombshell for Gotham: New York, along with San Francisco, are far and away the two national leaders of an exodus from high-cost big cities to \u201clow-cost cheaper areas of the country.\u201d<\/p>\n

What\u2019s more, say Fannie\u2019s economists, these younger households may not be coming back.<\/p>\n

Here\u2019s why. The one-time Gotham renters are not just moving out \u2014 they\u2019re buying homes elsewhere. The combination of the pandemic and ultra-low interest rates has created a wave of former city renters choosing to purchase houses.<\/p>\n

One-time renters in the New York as well as in San Francisco areas became first-time buyers at a higher rate than the national percentage. In fact, New York and San Francisco stood out for making up the largest portion of all moves from high- to low-density areas. There\u2019s good reason to think the moves are permanent.<\/p>\n

Working from home, says Fannie, is a game<\/a>-changer. So is fear of riding mass transit. New buyers are moving \u201cfrom ZIP codes where the primary means of commuting is not driving to those where driving is the norm.\u201d<\/p>\n

As both local and state elected officials consider boosting taxes yet again, they should pay attention to the fact that New Yorkers are not just moving out of the city \u2014 they\u2019re leaving the metro area. Almost 20 percent of the new buyers were leaving the tri-state.<\/p>\n

The only \u201cgood\u201d news<\/a> here is that even more of San Francisco\u2019s residents \u2014 as much as 43 percent, this past November \u2014 are voting with their feet to leave high rents and homeless encampments behind, keeping Gotham from having the nation\u2019s most troubling record. Yet taken together, New York and San Francisco account for most of the nation\u2019s spike in moves away from cities.<\/p>\n

The Fannie Mae paper, in an understated, academic way, makes clear this change in preference could be permanent. \u201cFirst-time buyers may have chosen to accelerate their moving timelines, from renting to owning, as a result of the pandemic.\u201d<\/p>\n

What\u2019s more, the \u201cpandemic experience of working in a lower housing cost area likely app<\/a>ealed to many workers, and it may be a lifestyle benefit they plan to maintain, thereby attenuating any potential \u2018return to the cities\u2019 phenomenon.\u201d<\/p>\n

This is no small matter for those who love New York and root for its rebirth. Like any healthy neighborhood, urban or suburban, continued vitality requires what housing experts call replacement demand. When someone moves out, the neighborhood needs someone to move in \u2014 lest property values and property-tax revenue collapse. (See: The Bronx, South, 1970-1980.)<\/p>\n

Fannie Mae zeroes in on what it will take for New York, even including Manhattan, to avoid that fate. \u201cTo the extent that large metro areas maintain the amenity values that drew people to them in the first place, we may expect people to flock back to these areas once the pandemic subsides.\u201d<\/p>\n

That\u2019s a pretty big \u201cif.\u201d And it will require more than reopening Broadway for tourists.<\/p>\n

\u201cAmenity values\u201d must include a city where random street attacks are not the norm, where subways are not only clean but safe, where the gunplay of gang members doesn\u2019t kill bystanders walking home from work.<\/p>\n

It means clearing the street of the \u201chomeless\u201d \u2014 and not just crowding them into shelters. For good measure, one might add property-tax reform, so residential buyers don\u2019t face sticker shock.<\/p>\n

We must face the fact that New York, so long a magnet, has reversed its polarity: It\u2019s now pushing people away, instead of attracting them. It finds itself in a competition with areas it once ribbed as \u201cflyover\u201d country. And, right now, New York City is losing.<\/p>\n

Howard Husock is an adjunct scholar at the American Enterprise Institute and a contributing editor of City Journal.<\/em>\n <\/div>\n

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“#NYC exodus report should be required reading for mayoral wannabes” Researchers at the federal mortgage giant Fannie Mae just came out with a study that should be required reading for all New York mayoral candidates. The dryly titled \u201chousing insights\u201d paper, \u201cCovid-19 Led First-Time Homebuyers to Move Away from Highly Dense City Centers,\u201d released Tuesday,…<\/p>\n","protected":false},"author":1,"featured_media":216730,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/02\/shutterstock_housing_528571156.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[100195,1545,89825,100435,78955,72656],"class_list":["post-216729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-3-31-21","tag-coronavirus","tag-fannie-mae","tag-homeowners","tag-population","tag-tenants"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/216729","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=216729"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/216729\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/216730"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=216729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=216729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=216729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}