One of the hardest parts of being a Boston real estate blog writer, is telling a story that’s not in my best interest. Today is one of those stories.
This story is told by Steve Cook an MIT graduate:
The analogy I’ve been using since about March 10, when I first started talking to our investors, is that it’s kind of like you live on an island, and there’s been a massive earthquake offshore, and there’s a tsunami coming, and you just don’t know how big it’s going to be.
I think there will be reverberation through the economy for the next year, quite honestly. I think we will hit at least 20% unemployment. At a minimum, every company right now should assume to lose 25% in revenue for 2020, and I could see it being worse than that.
I would say that one effect of this pandemic that is pretty clear in my mind is that living in a city is going to be less desirable. Having some space and being able to commune with nature and the affordability — I think all of that is going to drive people in a pretty significant way to look for less urban locations as far as where they live. If I could short urban real estate, I would.