NYC%u2019s jobless rate jumped to 9% in May - Highest Unemployed since '76

wow

No effect on Manhattan real estate. This is an island. Did you forget?

No, it will have no effect on Manhattan real estate.

(1) Don't you guys realize how much CASH these unemployed sideliners have stashed away?

(2) These unemployed are smart, inventive and resourceful. They will be back soon, making more money than they ever have. 2007 bonuses will look like chump change compared to the megabucks these unemployed folks will make next year.

(3) Interest rates are SO low, the unemployed will be able to afford their new mortgages no problem.

(4) Inflation will save the day. After all, the income the unemployed are no longer making won't be as much of a loss, in real terms, after inflation.

(5) Unemployed people need to live somewhere.

and so on, and so forth

Manhattan is a small island with many people and very few natural resources.

The foreigners with strong currencies have jobs

"(2) These unemployed are smart, inventive and resourceful. They will be back soon, making more money than they ever have. 2007 bonuses will look like chump change compared to the megabucks these unemployed folks will make next year."

LOL.

Crain's actually covers a lot of these guys. I kid you not, last few I remember... one put on a play, one started a crafts business, one went to culinary school.

We are saved.

> Manhattan is a small island with many people and very few natural resources.

So it will take even fewer ears of corn to buy some land.

Jeff also discussed today on UD

http://www.urbandigs.com/2009/06/nyc_unemployment_surges.html

Manhattan is different!

(worse)

;-)