Peebles Corporation CEO Don Peebles told “Mornings with Maria” on Monday that the struggling New York City real estate market amid the coronavirus pandemic and civil unrest could create another financial crisis.
Peebles also explained the three things that “converged on New York City” to create a “perfect storm” for the city’s decline.
“One was a diminished quality of life and an increased cost of living and doing business,” Peebles said, adding that rising crime contributes to the diminishing quality of life in the city.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
He also cited the pandemic and the corresponding “massive shutdowns,” which essentially led “to the quarantine of the entire city and most of the state,” as contributors.
“And then add that to the election and also the civil