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Shalom Lamm on the Future for Brick and Mortar Restaurants

For decades, Shalom Lamm has been a pioneer and a leader in the real estate industry. But the Coronavirus health pandemic has shattered the conventional norms of the industry (as it has for so many small business owners on an international scale). The exodus that we are witnessing from major metropolitan areas such as New York, Chicago and Los Angeles is a natural outgrowth of the frustration people have being confined to small spaces during the pandemic.

Of course, nobody reasonable would argue against social distancing, as everything that can, needs to be done in order to ensure the physical safety and good health of members of the public. But at the same time, there are natural implications to imposing strict guidelines that don’t allow city residents freedom to explore and take advantage of the amenities, sites and attractions that these major locales were always able to offer the public.

City dwellers are former city residents are realizing that the premium prices they are paying can no longer be justified under the current circumstances and conditions. It’s obvious why. As Shalom has written on his blog, the conditions surrounding the coronavirus are simply not conducive to living in a cluttered environment. Unfortunately for the political leadership in many of these cities, it has resulted in people fleeing en masse.

We’ve witnessed this sort of mass exodus across the major metropolitan areas, and it has been universal. Irrespective of one’s social status, it seems that people have become growingly disenchanted with the current environment in major city locales. The burdensome tax structure certainly has also not been helpful to the situation.

Many real estate professionals have been lending commentary in recent weeks and months about the effects this exodus will have in the short-term and the long term. Ambit Success and other major consultancies have been analyzing the situation and the effects that are bound to materialize in terms of the depreciation in real estate values across the spectrum.

The question is whether this city metropolitan areas will be able to come back once the situation with the Coronavirus health pandemic dissipates. At the moment, the future certainly seems grim and not bright at all. Let’s hope and pray that the situation improves and by extension, the real estate values and business climates in these major metropolitan cities are restored and stabilized.

The members of the public and the city residents don’t deserve what’s happening to them. Too many small businesses have closed; with bodegas shutting down at an exponential rate in recent weeks and months. But the fervor, strength and courage of city residents has showed no signs of weakening. As Shalom and other real estate investors continue watching the situation carefully, our collective prayers are with those that have been adversely affected by this situation.