Lower Manhattan was mostly abandoned after the attacks, but has been reborn with new office and apartment towers, and has more residents than before. The city’s latest unemployment rate, which was released in June, was over 20 percent, double the highest rate during the Great Recession and approaching levels not seen since the Great Depression. Because of that, fluctuations in the city’s rental market can reveal a lot about the city’s economy. Since the pandemic struck in early March, millions of New Yorkers have lost their jobs and have been unable to pay rent. Landlords have said they are struggling to pay their own bills, too, and can only survive so long without reliable rental income.

Source: New York Times August 18, 2020 22:18 UTC