Contact Us for a Free Consultation (347) 389-1682


The Decline of Cities Like NYC Has Been Exaggerated

Posted by Melvin Monachan | Nov 27, 2021 | 0 Comments

The Predicted Demise of Big City Living

The COVID-19 pandemic caused many people to move out of big cities such as New York City and led to one comedy club owner claiming that “New York City is Dead Forever.” Employees started to work more from home, companies moved out of their office spaces, and space was readily available. Landlords were offering all kinds of lease specials to entice people back into the city. That downturn has officially turned around as New York City was recently named the most expensive rental market, with the average rate of a 1-bedroom apartment being $2,950 per month.

How Cities Have Rebounded

NYC has led a big city revival that has seen new business openings and the return of downtown living. Over 40 new restaurants opened for business in August alone, according to While it was feared that people who left would never return, trends have shown that people didn't move far, usually into neighboring counties and cities. It seems that much of these moves have been temporary, as many have found their way back to the big city.

How Does This Affect Me?

As people start to move back to Manhattan and New York City to live and work, it is important to understand that New York is still not immune from real estate evictions and foreclosures. Now that the eviction moratorium has ended, thousands of New Yorkers still face the potential of losing their homes to eviction. Anyone facing eviction or foreclosure may be eligible for emergency rental assistance from a $2.4 billion fund recently launched by the state of New York. New York state started to accept applications for assistance from this fund on June 1, 2021. If you are facing eviction, foreclosure, or have other questions related to real estate in New York, then call us so we can help!

Get Professional Assistance

To schedule a consultation with an experienced attorney at The Law Offices of Melvin Monachan, call us at (347) 389-1682 or contact us online.

About the Author

Melvin Monachan

Melvin Monachan is the founder of The Law Office of Melvin Monachan, PLLC, a full service, real estate law firm representing individuals, investors and corporate entities in all aspects of real estate law. On the transactional side, Melvin represents purchasers and...


There are no comments for this post. Be the first and Add your Comment below.

Leave a Comment

Our Commitment to Excellence

"We understand that a real estate transaction is typically one of the largest financial transactions of most peoples lives. That is why we take the time to properly guide you and keep you informed about the process every step of the way."