The changing face of New York

[MLV]

NYC was great. It was the best experience throughout my undergrad, MFE, Wall Street years. I did a lot of socializing, networking with coworkers, classmates and the subway makes it extremely convenient. Meeting someone is a breeze

@Andy Nguyen - Yes! The networking alone is worth living in NYC for, if you’re serious about finance. In my firm, I had access to traders, research analysts, risk managers, people in every other function you can think of, and obviously other investment bankers from a ton of different coverage (Energy, Industrials, Consumer, TMT,..) and product (M&A, Leveraged Finance, ECM, DCM,…) teams. And that was just the people in my building! The subway was definitely great to network with people in the (many) firms that are now based out of Midtown. I’d be lying if I said I don’t wish I could’ve stayed in NYC longer – but family comes before career, in my case.

It’s been said before and I’ll say it again: brush up on your networking skills – and never underestimate what a well-taken-care-of network can do for your career. You'd be surprised to see how many established professionals are willing to help out their younger peers. Even in my limited experience, networking has been key for my development. I can only imagine the impact it has on a 30+ year career.

Well-said, @MLV. I left finance for education two years ago after a 35-year career on Wall Street. Only now do I realize how all-consuming it was. Would I give it up, though? No chance. I had a great experience living and working in NYC. My suburban/rural life is much better now, but being part of the whole NYC thing was great.

@Ken Abbott - and what a career! Definitely one of the most seasoned professionals I've ever had the pleasure to meet.

 

[Ken Abbott]

I think Ken has a good point here, you kinda have to experience it to know whether it's for you or not - and even if not, it'll probably still make for an interesting experience working/studying at a big city for a few years.

I grew up in a small city before moving to bigger cities (granted, not NYC big/expensive) for high school and university, and I'm looking forward to experiencing NYC for the next few years even though I may not end up liking the place.

In order to appreciate fully what it has to offer, I think you really need to visit the museums, jazz clubs, parks, restaurants, and theatres. Many people avoid them because they think they are too expensive, but there are lots of ways to do it on a budget, especially if you're a student. And you need to walk and/or bike around. I remember one day many years ago walking from the Columbia University area to the Battery. Cycling down the bikeway on the west side is amazing.

 

[Daniel Duffy]

I was working as a student in NYC in summer of 1972 (Watergate, Fischer vs Spassky) . One of my most pleasant memories was the AIR_CONDITIONED New York Library where I could prepare for exams.
The city was badly run down (Central Station looked awful and Times Square was seedy), but thanks to Jacqueline Lee Bouvier Kennedy it got better in due time.

 

[bigbadwolf]

The city was badly run down (Central Station looked awful and Times Square was seedy), but thanks to Jacqueline Lee Bouvier Kennedy it got better in due time.

Do you mean Jackie Onassis?

 

[Daniel Duffy]

Do you mean Jackie Onassis?

Do you mean Jackie Onassis?

 

[binomial-torrent]

https://twitter.com/x/status/1297911489773305856

 

[mhy]

I live on the UWS. Crime and homelessness / vagrancy has skyrocketed, and I see many apartment buildings with 80% of the lights turned off in the evenings. A lot of people moved back to where they came from or are temporarily out of the city.

 

[PongoShib]

There are daily posts and videos on a Facebook group. I believe it's called Upper West Siders for Safer Streets. Kind of crazy what you see

 

[YankeesR]

I'm interested to see how this unfolds, that is, if what you say does actually come to fruition (which I do not believe will). Do you believe salaries will be adjusted based on where you decide to WFH? I can definitely see something similar to the military where your pay gets adjusted where you live. Why pay an employee the same amount in NY as opposed to someone in Montana? I could be wrong, but with equal skill sets, this does not seem like equal pay. I guess you could say it is that persons choice to stay in NY, but I am still skeptical that employers will not adjust to this over the long run, provided WFH lasts over the long run, which I am also skeptical about.

 

[binomial-torrent]

Also some of us actually have family in NYC that we can’t just leave behind

 

[IntoDarkness]

Im thinking... company will start to pay less for wfh overall as ppl move to cheaper locales which is deflationary; at the same time those pays r likely still much higher than the local pay which is inflationary. What will be the overall impact?

 

[mhy]

Salaries for those WFH permanently outside NYC will probably be scrutinized, they may not go down but they probably won't be going up...

 

[bigbadwolf]

Over three days in late July, a three-bedroom house in East Orange, N.J., was listed for sale for $285,000, had 97 showings, received 24 offers and went under contract for 21 percent over that price.

On Long Island, six people made offers on a $499,000 house in Valley Stream without seeing it in person after it was shown on a Facebook Live video. In the Hudson Valley, a nearly three-acre property with a pool listed for $985,000 received four all-cash bids within a day of having 14 showings.

New Yorkers Are Fleeing to the Suburbs: ‘The Demand Is Insane’ (Published 2020)

The pandemic is spurring home sales as prosperous city residents seek more space. One listing had 97 showings and received 24 offers.

www.nytimes.com

 

[YankeesR]

JPMorgan Doubles Investment Banker Presence in Offices

JPMorgan Doubles Investment Banker Presence in Offices

www.google.com

 

[ExSan]

It’s now looking like the lockdowns may have been a huge mistake

Were lockdowns a mistake? To that nagging question, the answer increasingly seems to be yes. Certainly, they were a novelty. As novelist Lionel Shriver writes, “We’ve never before responded to a co…

nypost.com

 

[Daniel Duffy]

It’s now looking like the lockdowns may have been a huge mistake

Were lockdowns a mistake? To that nagging question, the answer increasingly seems to be yes. Certainly, they were a novelty. As novelist Lionel Shriver writes, “We’ve never before responded to a co…

nypost.com

Really??? What about the second wave?

And this?

South Dakota 'super-spreader' biker rally could be linked to 250,000 coronavirus cases​

More than 400,000 people are thought to have attended this year's Sturgis Motorcycle Rally over the course of 10 days

 

[ExSan]

Really??? What about the second wave?

And this?

South Dakota 'super-spreader' biker rally could be linked to 250,000 coronavirus cases​

More than 400,000 people are thought to have attended this year's Sturgis Motorcycle Rally over the course of 10 days

You are right ! South Dakota 'super-spreader' biker rally could be linked to 250,000 coronavirus cases 250K !!!

 

[Daniel Duffy]

You are right ! South Dakota 'super-spreader' biker rally could be linked to 250,000 coronavirus cases 250K !!!

I was only quoting a fact.
I do dispute that piece on NYP; the logic is somewhat flawed.

 

[bigbadwolf]

Really??? What about the second wave?

And this?

South Dakota 'super-spreader' biker rally could be linked to 250,000 coronavirus cases​

More than 400,000 people are thought to have attended this year's Sturgis Motorcycle Rally over the course of 10 days

Just more baloney.

 

[Daniel Duffy]

Just more baloney.

?