The health pandemic we are all going through right now has dramatically changed the nature of the real estate industry. This is especially true in metropolitan areas, where cities have experienced a major exodus of people who have left, hoping for more space and therefore security during this pandemic. According to Shalom Lamm, not all of these changes are going to be temporary. On the contrary, some of them are going to outlast this pandemic in a very real and durable way.
When one looks at the quality of life in cities that have been so badly ravaged by the Coronavirus, one begins seeing a pattern of social unrest and incivility brewing as people continue being distressed over the economic conditions that have been created. The limitations imposed on businesses have continued this trend of a downward economic trajectory that is showing very little light at the end of its tunnel.
Shalom Lamm has been observing these trends as a real estate industry expert for many decades now. He and many of his colleagues have never seen major US cities go through this level of change and upheaval. And the worst part is the uncertainty that is plaguing society about the cities’ future. It’s unclear when this Coronavirus will actually come to an end. Will the development of a vaccine really resolve it once and for all? Fewer and fewer people actually believe this.
As changes continue taking place due to the Coronavirus, many industries will continue being affected. The real estate industry is certainly one of many that will bear the brunt of the changes that are happening. Some of these changes will surely be temporary; while others will certainly outlast this pandemic. It remains to be seen where things end up five or even ten years from now.