from Silver Report Uncut:

NYC Finance Industry Won’t Recovery Until 2026, Simon Property Group Sues the GAP For Unpaid Rents

VIDEO:

The finance industry is the lifeblood of NYC as the highest paid jobs in the largest city in the US are bankers. The sector has already cut more than 8% of finance jobs permanently due to the collapse. We also know that some of the larger banks have been making preparations to move their headquarters out of NYC before any of this came into view. The high rents in Manhattan and many other overpriced things probably have a lot to do with these excessively high paychecks received by these bankers. If this industry struggles to recover it may be impossible for the Cities economy to recover. Recently we’ve seen the stock market see a lot of interest even in the face of deteriorating economic statistics yet according to a recent small business survey the NFIB showed the overwhelming majority don’t believe we will see an economic recovery until at least 2021 many also thought it could take longer so they aren’t expecting a V-shaped recovery this year. We have seen a ton of retailers declare that they weren’t going to be paying their rents due to store closures and lack of customers and many landlords have been left hanging. We see things are moving to more extreme measures as Simon property group has sued one of it’s largest if not the largest tenant the GAP for $69 million in unpaid rents. The case was filed in Delaware and the retail giant explained in detail to it’s shareholders that litigation could arise and they said they thought they had a standing In their denial of paying their rent for stores that were closed.