New York City’s economic recovery could be seriously curbed as the city’s rising crime sends more businesses and people to Florida.
With overall crime surging more than 38% in the first month of 2022, Peebles Corporation founder, Chairman and CEO Don Peebles says the stats "absolutely" impact the city’s real estate market.
"I think that's going to create some problems in terms of revenue and resources for New York City and helping New York City come back from this pandemic," Peebles told FOX Business’ Maria Bartiromo on "Mornings with Maria" Wednesday.
Peebles, who has a multi-billion dollar real estate portfolio, claimed New York-based entrepreneurs have instead set their sights on the Sunshine State.
"It is a very big difference between the two environments," Peebles explained. "South Florida is very optimistic. People are doing business, people feel safe, especially in Miami and Palm Beach."
Financial giants JPMorgan and Milken are both hosting separate conferences in Florida this week, according to Peebles, who added that "a lot" of business gets done down south.
While Peebles remains optimistic that the new Mayor Eric Adams will "step in" and "get a handle" on the city’s crime surge, he cautioned that Manhattan District Attorney Alvin Bragg could prevent progress.
"Alvin Bragg is going to need to prosecute criminals as he was elected to do," the CEO said.
Following President Joe Biden’s visit to address the city’s crime spike, Bragg admitted New York City is "really in crisis" in a press briefing Tuesday, but reiterated clarifications on his controversial soft-on-crime memo.
Crime ‘absolutely’ impacts NYC real estate market: Peebles
The Peebles Corporation founder, Chairman and CEO Don Peebles says he believes New York City Mayor Eric Adams will get a handle on crime.
Bragg also added that he and his office needed "to do a better job" of pointing to the data, so people can understand "not only is it that the sky won’t fall, it's that we look at what our counterparts have been doing, and you look at the relative incarceration rates and then the safety rates. And you can see we can, we can do these and implement these changes and be safe, if not safer."
https://www.foxbusiness.com/real-estate/nyc-crime-florida-real-estate-don-peebles
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