http://online.wsj.com/article/SB10001424052970204450804576623441287885726.html?mod=WSJ_hp_LEFTWhatsNewsCollection
New York City's securities industry could lose nearly 10,000 jobs by the end of 2012, New York state's comptroller predicted, a painful blow to the area's economy and government budgets.
In a report set to be released Tuesday, Comptroller Thomas P. DiNapoli also said bonuses are likely to shrink this year, reflecting lower profits on Wall Street.
Things aren't as bad outside New York City, as firms move more and more back-office work to the suburbs in order to take advantage of cheaper rents. In August, 12% of securities jobs in New York were outside the city, the highest percentage ever, the report said
[less]
Response by Riversider
over 14 years ago
Posts: 13573
Member since: Apr 2009
Mr. DiNapoli's report also portends more budget pain at New York's City Hall and in Albany, as lower pay and employment levels hit tax collections. New York City's financial plan forecasted $20 billion in securities-industry profits for 2011.
Ignored comment.
Unhide
Response by Brooks2
over 14 years ago
Posts: 2970
Member since: Aug 2011
humm and this is good for Manhattan RE?
Ignored comment.
Unhide
Response by AvUWS
over 14 years ago
Posts: 839
Member since: Mar 2008
Manhattan RE never goes down.
Ignored comment.
Unhide
Response by West34
over 14 years ago
Posts: 1040
Member since: Mar 2009
Yeah, but:
- they're not making any more land
- everyone wants to live here
- Brazilians, Russians and Chinese etc are stepping in to support the market
- strict coop boards have prevented over-leveraging
- there is little or no foreclosure activity in prime manhattan
- there is still lots of pent-up demand from buyers wanting to trade up
- interest rates are at historic lows
- jumbo lenders are re-entering the market
- quality of life has changed greatly since prior busts, eg mid-1990s
- NYC economy is more diversified and thus less reliant on Wall Street to support prices
- most people will always prefer to own despite high price/income or price/rent ratios
- NYC real estate is always a great long-term investment
- Barbara Corcoran said so
- OUR banks are too big to fail!
Mr. DiNapoli's report also portends more budget pain at New York's City Hall and in Albany, as lower pay and employment levels hit tax collections. New York City's financial plan forecasted $20 billion in securities-industry profits for 2011.
humm and this is good for Manhattan RE?
Manhattan RE never goes down.
Yeah, but:
- they're not making any more land
- everyone wants to live here
- Brazilians, Russians and Chinese etc are stepping in to support the market
- strict coop boards have prevented over-leveraging
- there is little or no foreclosure activity in prime manhattan
- there is still lots of pent-up demand from buyers wanting to trade up
- interest rates are at historic lows
- jumbo lenders are re-entering the market
- quality of life has changed greatly since prior busts, eg mid-1990s
- NYC economy is more diversified and thus less reliant on Wall Street to support prices
- most people will always prefer to own despite high price/income or price/rent ratios
- NYC real estate is always a great long-term investment
- Barbara Corcoran said so
- OUR banks are too big to fail!