It's not just BLM afflicting the damage on specific cities; it's unfortunately far greater than that. I do some work for a guy who runs a property management company in Boston, an astute type in business ways. The day was winding down this afternoon and it's usually the time when we occasionally talk about other things besides work. We weren't talking about BLM at all but all of a sudden he says 'there's going to be a great reckoning soon, and I'm not just talking about the cities that got trashed this year'. I'm in full agreement - I noted that walking down High Street (Boston's Financial District) over the past few months I only see 30% of the lights on the floors of all the hi-rises in view and the parking garages underneath them have the same non-level of capacity (some of these places were at full capacity last year - parking was tight and at $41 / $43 a pop). The rest of Boston isn't much better.
What it is - the lockdowns and 'non-essential businesses' being forced to close have made impressions on the private sector that will reverb for a good period of time. I believe Joseph Schumpeter's theory of creative destruction will be realized, writ large. We may quibble over its length but the impact can only be denied by those that refuse to look at what we're seeing.
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It's not just BLM afflicting the damage on specific cities; it's unfortunately far greater than that. I do some work for a guy who runs a property management company in Boston, an astute type in business ways. The day was winding down this afternoon and it's usually the time when we occasionally talk about other things besides work. We weren't talking about BLM at all but all of a sudden he says 'there's going to be a great reckoning soon, and I'm not just talking about the cities that got trashed this year'. I'm in full agreement - I noted that walking down High Street (Boston's Financial District) over the past few months I only see 30% of the lights on the floors of all the hi-rises in view and the parking garages underneath them have the same non-level of capacity (some of these places were at full capacity last year - parking was tight and at $41 / $43 a pop). The rest of Boston isn't much better.
What it is - the lockdowns and 'non-essential businesses' being forced to close have made impressions on the private sector that will reverb for a good period of time. I believe Joseph Schumpeter's theory of creative destruction will be realized, writ large. We may quibble over its length but the impact can only be denied by those that refuse to look at what we're seeing.
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