NYC Comptroller predicts 10k more WS layoffs

This 10,000 number seems plausible. Certainly more so than Meredith Whitney's 80,000 number that got tossed around in the press and on this board earlier this year. When I see Wall Street layoff numbers, I always think that for everyone who is let go there are 3 (or 5 or ??) more people who are worried about their own jobs, not to mention that just about everyone gets paid less. If both confidence and cash are lacking, that has to add up to a real headwind for Manhattan real estate...

UGGGGGHHHH the Meridith Whitney number was GLOBAL. This is for NEW YORK ONLY. So her number IS TOTALLY REALISTIC.

Old news, move on. No effect on Manhattan. Unless they started making more land here, nothing affects.

Oh, I forgot: The Brazilians are coming, hooray, hooray!

Or was it the Chinese?

>>sidelinesitte

Yes, seems like an easy concept to understand.

Why don't RE brokers understand?

Brooks - I don't think it is the brokers - the buyers sign the checks.

"UGGGGGHHHH the Meridith Whitney number was GLOBAL. This is for NEW YORK ONLY. So her number IS TOTALLY REALISTIC."

Umm, yeah. Of course when her prediction made it onto this board the thread was something like "Get ready for a really small Wall Street", and much hand wringing ensued about how those 80,000 layoffs were going to kill Manhattan real estate. This is sort of what I meant about the larger number being "tossed around", as in carelessly and without foundation.

Meridith is wrong far more often than she is right. But on this she said the top 10 banks would GLOBALLY cut 80k jobs. She probably under-counted.

She did undercount - BofA alone is cutting 30,000 jobs.

I saw this, and posted it earlier. At the margin it's a negative. I can't see more people rushing to buy, but this is all old news. Long term I see cap rates increasing and rent to buy analysis looking better and better so who knows what the market looks like two years from now.

Rents are falling.

Also, with Obama transferring Wealth... RE in Manhattan has a lot more way to go down..