After a year of stress and isolation, I decided to go to Madison Square Park, my favorite park in the city, and started writing this article on a bench. New York is not far from death. Jazz is playing in the background and people are dancing in the park. People who come here to relax, exercise and work outdoors have created a wonderful wave of energy. However, the people living in cities are changing. As wealthy families head to Miami or Hampton, a new wave of entrepreneurs invades New York City.


The reduction in the price of available rental apartments in New York has created opportunities for those who wish to experience life in the concrete jungle. During the pandemic, many high-income New Yorkers moved out of the city. Some people bought houses in Connecticut and other places; others chose to move to warm cities such as Miami. Most of the people I have talked to are not interested in going back. In March 2020, with the onset of the pandemic, the price of available rental apartments in New York City dropped significantly. The cost of renting a studio is usually US$3,200 per month, but it usually drops to US$2,500. Landlords began offering discounts to attract tenants, sometimes for up to 4 months in a 16-month lease. Lower rents create opportunities for those seeking innovation. Many visionary people who may not have been able to afford to live in the Big Apple see price cuts as an opportunity for startups. Moreover, because many Americans are unemployed and receive financial assistance from the government, they have decided that it is time to start their own business.

The bad news is that if they decide to leave New York permanently, the richest 1% of New Yorkers could take away more than $133 billion. Going to school and receiving education is a factor that keeps the rich in the city. However, it is worth noting that in 2018, the richest 1% of New York people paid more than 40% of the city's income tax, and their departure could have a major impact on the city's economy. As the CEO of a New York real estate listing platform, I have witnessed an increase in interest in the lowest prices in cities. The number of people looking for large apartments under $3,000 has increased significantly. In boroughs like Manhattan, opportunities like this were once rare. The good news is that current New York apartment applicants seem to be full of youthful energy and want to start their own businesses. A new wave of innovators and visionaries has arrived in this Big Apple, and many of us are eager to see how this city develops with them.

After daily conversations with real estate professionals across the city, I think a new wave of innovation has just entered the market. This wave took the form of what I like to call "price-sensitive innovators." They are young and energetic entrepreneurs who want to make the most of this opportunity. It seems that they did not move here to visit different bars. Compared with most other cities in the United States, renting a house in New York has always been a complicated process. In New York, landlords usually need a lot of documents to ensure their tenants can get financial support in the unit. Because of this, the new wave of renters entering the city may be price-sensitive, but your financial situation is still good enough to sign a standard lease in New York.