Gothamist: Hevesi Says NYC Economy Doing Well, But Watch Out

and lawyers

Thu, 30 Nov 2006 14:30:18 -0500

Matty, all of those industries you listed are miniscule compared to Wall Street and most of them are shrinking e.g. fashion, advertising. And the others are tied to Wall Street like hedge funds and VCs and private equity. Most of the new construction in Manhattan is high priced condominiums that only bankers and law partners can afford. IT in New York is a joke as is just about all other tech when compared to California and Boston. As for rents, many of the Wall Street firms have moved to midtown. That's why the rents are higher. Goldman Sachs wanted to move to midtown too but was given tax breaks to build in Battery Park. Morgan Stanley moved to Times Square a long time ago. Lehman Brothers. And most of the small firms like VCs, private equity etc prefer midtown for the proximity to Grand Central and better dining options.

matty

Thu, 30 Nov 2006 13:36:07 -0500

I dunno...Aside from wall street it is one of the biggest media hubs in the world. I would say midtown rents are higher than downtown ones because of the growth in that area. Also what else...Let's see...fashion, design, IT, universities/research, a lot. food industry, real estate, tourism, hedge funds (connecticut), advertising, import/export, shipping, VC, insurance...I dunno, I would say that's pretty diverse. Then again I live on a farm in chicago so why would I know anything. I also take a cow to work.

and lawyers

Thu, 30 Nov 2006 13:29:25 -0500

ny benefits from an extremely extremely diverse economy Are you kidding? New York has one industry: Wall Street.

Blike Moomberg

Thu, 30 Nov 2006 12:47:48 -0500

Anyone remember when Bloomberg changed his election promises to match his opponent, and said that he would provide universal healthcare for all children under 18 in NYC? Hello? [cavernous echo]

matty

Thu, 30 Nov 2006 11:44:53 -0500

ny benefits from an extremely extremely diverse economy. It also has corporate institutions that aren't likey to leave anytime soon. The only thing I would worry about is NY not being able to accomodate the poor pushing people out of the city and into economically depressed suburbs/boros.

Jen

Thu, 30 Nov 2006 11:44:12 -0500

I think it's the magic of bureaucracy!

uncommon sense

Thu, 30 Nov 2006 11:24:45 -0500

How can there be a surplus and a gap at the same time?