Barack Obama could be running for re-election by the time New York City’s economy is humming again, according to the latest forecast [pdf] from the city’s Independent Budget Office. In 2012, Wall Street firms will still be making less than half as much profit as they made at the peak of the recent boom and the number of jobs in the city will still be lower than it was last year, according to the... [more]
Barack Obama could be running for re-election by the time New York City’s economy is humming again, according to the latest forecast [pdf] from the city’s Independent Budget Office.
In 2012, Wall Street firms will still be making less than half as much profit as they made at the peak of the recent boom and the number of jobs in the city will still be lower than it was last year, according to the report, which was released on Thursday. The forecast also calls for a sharp drop in tax revenue this year and again next year, before collections begin to rise again in 2011.
http://cityroom.blogs.nytimes.com/2009/01/08/long-economic-downturn-is-forecast-for-city/
Won't affect Manhattan real estate.
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Response by alpine292
over 17 years ago
Posts: 2771
Member since: Jun 2008
Phew, thank goodness this will not affect Manhattan RE. My sources over at NAR say that the downturn will only impact the outer boroughs, EXCEPT LIC.
Ignored comment.
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Response by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
It will be the entire country, except for where Eddie Murphy lives...
Phew, thank goodness this will not affect Manhattan RE. My sources over at NAR say that the downturn will only impact the outer boroughs, EXCEPT LIC.
It will be the entire country, except for where Eddie Murphy lives...