Major Problems in New York City & California right now! Let me show you
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Big problem in California and New York! Problems have people moving away from New York and California! Why is everyone moving from these places? Is it the tip of an iceberg? I will discuss with you what is going on in California and New York.
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Well guys, not sure if you’ve seen what is going on in New York City in California, but it’s getting pretty crazy. Okay San Francisco rents plunged showing strain from pandemic and wildfires Manhattan apartment sales, tumbled 46% leaving 10,000 unsold units.
You have people making videos left and right that are going viral about leaving California. What it’s like to live in California things like this look at this Joe Rogan there’s a max Exodus out of California right now look at this one from Shapiro about two weeks ago, right almost up to 3 million views.
Now, why I’m leaving California you have reports like this out of the Hoover Institute, California businesses are leaving the state in droves. You had Ilan Musk, just about what less than two months ago threatening to basically leave California and take its headquarters out of California because he’s just sick of what he’s had been dealing with over there.
He also put like five of his houses up for sale in California, which I think is like all his houses are almost all his houses up for sale, which you you kind of add all this up, like, Okay, why Ilan must be talking about leaving, he’s putting houses up for sale. Sounds like he’s not so interested in California. Right. So let’s talk about all this guys.
I mean, this is some craziness. Let’s just put it that way. Let’s really talk about this and especially from the United States, viewers, I mean, these are the two places that are talked about all the time and these are like you know what everybody around the world has viewed New York, California right.
Let’s talk about this. Hope you guys enjoy this video. As always, if you don’t mind, smash the thumbs up that helps support the channel in a massive way and appreciate you Okay, rim prices continue to plunge across the US last month, with San Francisco leading the decline. According from data from sumerpur a real estate startup, the median rent for a one bedroom apartment in San Francisco dropped more than 20% from a year ago to $2,830.
Now let’s take a moment here and just absorb what we just read there. Okay, God absorb this rain fell 20% from a year ago, one bedroom apartment, and it’s still $2,830 imagine that okay, for a one bedroom apartment in San Francisco.
That has to be like the most ridiculous thing you could ever read right there when it’s down 20% and still 2800 for a one bedroom. Goodness gracious. You got to be kidding me. That’s the largest decline.
The company has recorded. Largest decline ever. Okay, absolutely extraordinary. month to month, the price of immediate one bedroom in the city dropped nearly 7% the CEO of some PR pointed to a flood of supply in the market.
Some renters may be inclined to move to the suburbs to get more space as covid 19 pandemic spurred companies to close offices in allowing employees to work from home, Facebook and Google, for example, have told employees they can work remotely at least through next summer pay at least through next summer.
And we’ve heard a lot of companies say we might not even go back to the office very interesting. rising unemployment may also be forcing some people into less expensive areas. The wildfires in hazardous air conditions added another incentive in may have tipped the balance about their medium term location choices.
Last month, the air turned dark orange in the city for one day as high levels of smoke and fires up and down the West Coast blotted out the sun. We’ll take a look at some of those photos. In this video.
I thought they were edited when I first saw him it was unbelievable. Well presenting the data over Twitter, the gentleman says that basically he thinks things will bounce back eventually. But it could take years. Okay, years.
Here’s some of those photos we saw very recently. I mean, from those those wildfires that were just raging and we see this time and time again in California just seems to be getting worse and worse and worse in regards to these wildfires. And we look at the photos.
I mean, it looks just apocalyptic. Like literally when I first saw these photos when they came out I think was last month. I was like these must all be edited. And what I saw was time after time again, it was like all these photos were just unbelievable.
It’s like oh, my goodness, k 2800 for one bedroom apartment and you got to wake up and see that that is no fun. And then you have this San Jose sea spike in fires at homeless encampments as wildfires rage in Northern California. Neighbors in San Jose are growing increasingly worried about fires caused by homeless residents.
The San Jose Fire Department says it’s now responding to an average of three fires per day believed to be caused by homeless residents. That is a lot. I mean three a day just from homeless residents. That’s good.
That’s quite a number. Somebody has to come up with a creative solution because endangering the entire neighborhood. So the gentleman who owns a bakery nearby peers employees record a video of an out of control fire at a homeless encampment under the roadway in downtown San Jose Tuesday morning.
First there was an explosion which got our attention and then we saw the fire breakout immediately he says, look at some of these photos out of San Francisco recently. I mean with the homeless tents and whatnot all over the streets.
It’s It’s It’s intense. Let’s just put it that way. It’s like something I’ve never seen in in any city for that matter. I mean, look at this. The temps are everywhere.
It just covering the sidewalk I saw the city tried to do something like this, this little area where you could put some tents up in like a little squared off area in I don’t think they understand how many people are really homeless there and and how many tents are for the art? Because that’s just, you know, not enough.
Let’s just put it that way. And we’ve even seen residents in San Francisco Look at this. I mean, what a time to be alive to see stuff like this. Residents are taking things into their own hands.
In the middle of night, you have some residents that are essentially putting boulders on the sidewalk. So basically, folks can just put a bunch of tents there. You know, homeless folks can’t just put a bunch of tents there.
Why are they doing this? Well, from what I heard from residents, essentially, it’s not just about the tents and people just setting up tents all over the neighborhood, which looks pretty ugly, but it’s also about human feces will just be like left on the ground.
And then needles from you know, a lot of these folks shooting up and whatnot will just be left on the ground. Obviously, if you got you know, no one wants to be in that environment. Let’s just be honest.
You got bunch of homeless tents all over the sidewalk. When you come out of your place. You got needles on the ground, you got human feces, like no one wants to live in that type of situation. So residents have had to take a tap place where they’re literally, you know, in the middle of night, bringing in big boulders and putting them on the sidewalk and what does the city do about this?
They remove the boulders, they remove the boulders and they’re like, Well, no, you can have your tent set up. You can have your needles all over the place. You can shoot up you can you know have feces all over the place. But you know what? We’re going to remove your boulders, okay, that’s what the city does. In this whole scenario. You know, I don’t know.
Let me know what you guys think about that one. You know, that’s just you know, it’s like something I’ve never seen in life. Let’s just put it that way. Okay, Manhattan apartment sales tumble 46% leaving 10,000 on unsold units. Apartment sales in Manhattan plunged by 46% in the third quarter as homebuyers continue to flow to the suburbs.
And Florida. According to new real estate reports, there are now about 10,000 apartments for sale in Manhattan, which would be a record according to compass. With so many new listings pouring onto the market in so few buyers.
The inventory of unsold apartments continues to rise in a city that has already had a glut of high end apartments before the rhony Rona, the current supply of luxury apartments for sale would take nearly three years to sell three years to sell.
According to a new report from Miller, Samuel and Douglas Ellman, unbelievable quote, there is no shortage of apartments for sale. But there is a shorter of buyer said Jonathan Miller, CEO of Miller, Samuel, there were a total of 1375 sales in third quarter down 44%.
from a year earlier, the prospects for a turnaround before the election, also look increasingly unlikely signed contracts for September fell 42% in Manhattan from last year. According to Miller, Samuel, Manhattan is looking at high unemployment, rising crime, growing sanitation and public transit problems. And only 10% of office workers in Manhattan are returning to their buildings.
All this makes buyers reluctant to make a big bet on Manhattan real estate. Okay. And when you think about this, the whole Ronnie Ronan situation, right, that has just, you know, gotten across the world, right? I mean, last place you want to be is where there’s people everywhere, right?
And if you look at the most densely populated city in the entire United States of America, right, it’s New York City. So you know, you just put all these things together. And it’s just a perfect storm for kind of a really bad situation for real estate in New York City. And you know, we’re going to see what happens.
But here’s what ends up happening. More and more people leave or companies leave, right, which means bigger budget shortfalls, more and more budget shortfalls, okay, because people leave, they go to other states, they stopped paying taxes there. They bring their companies with them, for those folks in businesses stop paying taxes.
They’re right. So which means essentially, also the politicians, they say, well, we got to raise taxes to kind of meet these shortfalls, so they start raising taxes even more, more and more people in businesses like hmm, do I really want to stay here?
They’re like, No, I’m gonna leave, which leads to even bigger budget shortfalls, which means even higher taxes, which means even more people leaving and you just get into this vicious, vicious cycle back to California now.
I mean, you know, like I said, the publicity around California right now is very bad. I mean, especially over the past month or two, it has gotten really bad in LA and in Southern California, as well as Northern California.
Just have person after person kind of putting out a lot of negativity around California, what they’re having to go through why they’re pulling their companies, things like that. And here’s here’s what happen okay, three weeks ago, I was with a friend and we were basically looking at houses for you know him essentially.
Okay. And I spoke with the realtor who’s a, you know, phenomenal realtor like one of the top selling realtors or brokers whatever you want to call him out here in Vegas, okay. And what we were talking to him about we’re like, you know who he’s like man, the markets incredibly strong and Henderson, Summerlin, the suburbs right now, it’s incredibly strong, especially for million dollar houses.
He’s like, we sold blah, blah, blah. Just recently, in the past month or so. We’re like, we’re all these buyers coming from. He’s like California, they’re all coming from California, because they’re all starting to be more educated on you know, what’s going on in their cities.
And it’s just a much better you know, I guess you can say, life decision by moving somewhere else. And so people are starting to get educated on my city Vegas, right? But really like the suburbs, like Henderson, Summerlin, places like that.
And here in Nevada, you got no state income tax versus California, you are taxed like crazy, okay? You have super low crime and Henderson and Summerlin, like insanely low crime, like all of our crime, basically in Vegas is right on the strip more within like one mile of the strip, essentially, as soon as you start moving out further from that the crime rates get incredibly low, especially in Henderson, some of them there’s something like two of the biggest, like cities that have the lowest crime rates out there.
Okay, affordable housing, like what you get for a million dollars, or $2 million out here versus what you get in California, or New York or some of these other places, you know, incredibly low. So in New York, you’ve seen a ton of people go down to Florida, right?
But for California, a ton of people are coming out here to Vegas, or going to Phoenix or Austin, Texas, somewhere in Texas, things like that, okay, and out here, like in the suburbs, then clean, super clean, like about as clean as you’ll find incredible parks, massive parks that are you know, just perfectly manicured, everything’s modern, because everything in the city has been built pretty much in the last 2030 years.
And so you just can’t even really compare the place at the end. The only negative really is whether you have to deal with but Heck, I mean, I saw there were days in in LA even this year that were in the 90s of 100. So it’s like, well, it’s gonna be hot there, it’s hot here, you might as well pay no taxes and have a better, you know, quality of life, things like this.
And you see reports like this how the Hoover Institute, California businesses are leaving the state in droves in just 2018 and 2019 economic boom years 765 commercial facilities left California, this Exodus doesn’t count Charles Schwab’s announcement to leave San Francisco next year, nor does it include the 13,000 estimated businesses to have left between 2009 and 2016.
The reason economics plain and simple, California is too expensive. In its taxes and regulations are too high, the tax foundation ranks California 48. In terms of business climate, California is ranked 48th in terms of regulatory burdens in California as cost of living is 50% higher than the national average.
All those things are really, really bad. Okay, that’s what a business owner wrote here. Okay, this is powerful. Dear California, I’m leaving you. I’ve struggled with a government that is notoriously business unfriendly.
With everything from high taxes on earning to badgering businesses to work more to comply with bureaucracy, I paid enough in California income tax in one year alone to hire another worker for my business. And you charge me $800 annually as a corporation fee, which most states charge just a few dollars. Incredible, right?
And so California ends up in the same situation that somewhere like New York cities, and essentially, we have more and more people leaving more and more businesses leaving, which means even bigger and bigger budget shortfalls, right, which means they’d have to raise taxes, which makes people think and businesses think, Hmm, maybe I should leave, it leads to more people leaving and leads just, it’s just a vicious cycle.
Okay, that’s the best way we can put it. And you got somebody like Ilan Musk, one of the most famous people in California, which is filled with famous people, right, at least on the business landscape. Right. And, you know, Musk, he’s literally threatened to leave California.
So, you know, don’t be surprised if eventually Tesla makes its headquarters somewhere else, and maybe potentially leaves California altogether down the road. Don’t be surprised if that eventually happens. someday. Okay. I mean, you know, it’s a pretty clear signal, when, you know, somebody’s selling all their houses in a state, right?
It’s almost like they’re planning for the future to maybe move somewhere else, right? Keep this in mind. All this at the end of the day is just a no bueno situation for California in New York City. It’s just bad, bad, bad. I want to hear your guy’s opinion in a major way in the comment section on what you think is going on in California, New York City.
And do you think you know, they’re going to come back super strong in the next year? Or do you think is going to be ugly in those places for the next few years, I would really love to hear your guy’s opinion in the comment section, kind of hear your frame of thought and if you live in New York City, or you live in California, let me know your opinion on this whole situation.
We’d love to hear from you guys in the comments. As always, if you don’t mind, smash that thumbs up that helps the YouTube channel out in a massive way up Each and every one of you also if you want to learn how to make your first $100,000 in the stock market, check out the first link in the description down there put together a video for you guys. Thank you for watching and have a great day.