Shutting back down

As the pandemic flares up in more than 20 states and many businesses are forced to reclose, the country’s top real estate markets are faced with new existential threats

Jul.July 19, 2020 01:00 PM

Soon after reopening, many restaurants, bars and other businesses in cities that were pummeled by new Covid records in July are being forced to shut back down.

At a recent news conference, California Gov. Gavin Newsom said he’s putting a “dimmer switch” on the state’s economy, including banning dine-in at restaurants and other indoor activities at wineries, movie theaters, zoos, museums and card rooms. And all California bars that had reopened are, once again, ordered closed.

In Florida, many had expected the state’s heavily pro-business agenda to keep things open. But bars, restaurants, fitness centers and short-term rentals in Miami and other Florida cities were hit with heightened restrictions this month due to the record number of coronavirus cases throughout the state. Now South Florida’s hotel owners are struggling to figure out how to keep operations afloat.

New York, meanwhile, remains on its slow and steady path to fully reopening in multiple phases with relatively lower case counts. But indoor dinning in the city is still banned and the retail markets in Manhattan and other boroughs are grappling with a glut of store bankruptcies and other problems.

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