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New York State Team
To see the effect of the coronavirus pandemic unfold on New Yorkers in real time, look no further than the Empire State s housing trends.
On one hand, a push for increased social distancing and record-low mortgage rates moved affluent people in New York City and throughout the Northeast to shop for first and second homes in less dense, more remote areas of New York.
But as buyers flooded the market, state-mandated restrictions that began in March weakened New York’s economy, particularly its service industries, resulting in mass layoffs as the COVID-19 pandemic raged on. And those service-industry workers, who are largely renters, were left to languish out of work and without the means to relocate.