Over the past several years, thousands of small retailers have closed, replaced by national chains. “It’s not Amazon, it’s rent,” says Jeremiah Moss, author of the website and book Vanishing New York. Businesses could survive the internet, but they need a reasonable rent to do that.”Part of the problem is the changing make-up of New York landlords. Photograph: Kevin Clogstoun/Getty Images/Lonely Planet ImagesIn business terms, the crisis in commercial real estate has led to a wave of consolidations. The same signals of over-pricing are seen in every area of real estate, including housing.

Source: The Guardian December 24, 2017 09:00 UTC