Couple of anecdotal stories
I have a friend who's been in NYC since college in the late 1980s (went to Columbia, did 2 years at Stanford for MBA, but has been on Wall Street otherwise) who considered NYC the greatest city in the world, who lived in a high-rise in the Flatiron district, move out. Couldn't take the crime any more. Said it's night and day compared to even a year ago. Moved to Pasadena (which IMO, is a poor choice if he's worried about crime).
A realtor friend of a friend said that people are fleeing King County in Washington State, that prices are down 20%. This friend said her husband is feeling the pressure of possibly losing his job as a hospital administrator because he didn't participate in the BLM protests. Their real estate agency is also armed to the teeth these days during the workday, worrying about destruction of their office.
Lots of friends in the tech industry in San Francisco are totally disgusted with living conditions and have moved out.
The Phoenix real estate market, which I follow very closely, has gone bananas. The inventory levels are the lowest I've ever seen, and are close to back where they were at the height of the 2005 bubble. Californians are flocking here buying $2 million dollar homes sight unseen (based only on pictures on Zillow).
I think the big blue cities and states are in a world of hurt in the 2020s.
I just hope the incoming blue city emigres don't turn Phoenix into a wasteland.
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In response to this post by vt90)
Posted: 08/26/2020 at 11:51AM