QuoteIf you walk through Manhattan's SoHo neighborhood, you'll likely find upscale coffee shops or clothing stores. But on almost every block, you'll also see abandoned storefronts sporting "For Lease" signs.A new site called Vacant New York highlights the city's vacancy problem in detail.
Launched in 2016 by freelance software developer Justin Levinson, the site features an interactive map that shows almost every unoccupied storefront in Manhattan. Vacant spaces are highlighted in red, and users can zoom in to find out their addresses.
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Our tax code is partly to blame for this nearly nationwide problem. As it is, it makes sense to hold out for the fool willing to pay the inflated rent.
The market will correct itself. Prices will drop until it's reasonable for a shop to open up.
That is unless there's some sort of government interference.
There is a big shift in residential going on in NYC right now.
The money is moving away to new areas.