Effects of Financial Crisis on New York City
I'm not in finance and only took one class on Macro Economics so this is me talking out of my ass and just speculating. I'm thinking out loud as to how this may effect living in New York and am trying to see the bright side. According to the Wall Street Journal, about 5% of New York City's jobs are in the financial services industry but they account for 25% of wages (about 60 billion in 2006). Wow. Would be interested to see the same survey but in 2001 before Bush's tax cuts came into effect.
My predictions (some trite given the gravity of the situation)
- increase in gym members/ frequency as people suddenly discover loads of time on their hands as they look for jobs.
- increase in Kinkos use because no one has a printer now a days but people will need to print resumes.
- Starbucks/ sit down coffee places may lose money but perhaps be increasingly occupied by those wanting to get out of their apartments to look for jobs.
- Decrease in annoying articles about how rich New Yorkers are getting.
- Less focus on insanely superficial, annoyingly unnecessary luxury market such as spas for pets.
- Happier mothers/ kids as they see their fathers more often.
- Angry mistresses who may lose their kept women status and pied de terre.
- Business slow down in high end prostitution.
- Decrease in rents/ housing prices. (wishful thinking)
- Annoyingly super trendy clubs no longer all about the benjamins.
- Pubs see revenue increase as financial workers down their sorrows in booze.
- New York City bars more packed during the weekend since finance people aren't working and are in town.
that's all I can come up with for now. Feel free to add.