Won't everyone just work from home and move to Iowa? No. No they won't. Megacities are special. And rare. There are only a handful of them. There is exactly one NY. Unique. Our admittedly unoriginal thoughts can be summarized as follows:
Megacities are physical two sided marketplaces. Lots and lots of people in a relatively small geographic area which create a perpetual virtuous circle. Consider:
-Job market - attracts the best entrepreneurs/employers/employees. This attracts the best GLOBAL talent. Wages/household income are high. People have money to spend.
-Dating 'market' -lots of potential mates. I've heard that dating in a place like NY isn't the worst. Meet lots of people, pick the right partner.
-Because household income is high, everything is on offer: wide range of restaurants, concerts, museums, theatre, sports events (NY has two baseball teams, two basketball teams, hockey, etc.).
-Tourism - Wealthy tourists from around the world visit megacities and spend a ton of money. It is tough to see it now but trust me...they'll return. Few will fly from Japan or England or China to visit Flagstaff or even Phoenix. They will go to NY.
It is a virtuous circle. When the pandemic fear passes and it is time to open new restaurants, hotels, theatres in NY because that is where the people and the money are. It is that simple.
What can compete or disrupt this? Tell me. I want to know. I simply can't figure it out. Iowa/Minnesota/Phoenix are nice but won't catch up during the duration of the pandemic. People will still wear:
Seen anyone wearing an 'I love Des Moines' shirt yet? Neither have I.
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