Like most New Yorkers, you woke up to the news that Britain is officially leaving the EU, but why should that bother you? What impact will that have one your life? SecretNYC is here to give you the low down.
President Obama and Hilary Clinton have both supported a Britain remaining in the EU. In an interview with The Observer, Clinton’s with her senior policy adviser, Jake Sullivan, stated that she supported “Strong united kingdom in a strong EU”. In many ways US officials would have liked Britain’s influence in Europe to have grown rather than have them leave altogether. Strategically England has been one of our closest allies, in the past the UK has helped move the EU toward shared U.S. foreign policy objectives. In the same interview with The Observer the former secretary of state’s adviser explained that Mrs. Clinton “values a strong British voice in the EU.”
But every dark cloud has a silver lining. The news of the UK’s exit from the EU could be a real boost to NYC luxury real estate. “Knight Frank” a brokerage firm with it’s headquarters in London, fears an EU exit will put a serious damper on London’s luxury real estate market. That is obviously amazing news for London’s No. 1 competitor, New York City.
As we are already starting to see, Britain could face real economic turmoil in the short term. Reports today show that the Pound has already plummeted to it’s lowest point in over 30 years. With such political and financial uncertainty buyers from abroad are unlikely to invest in London real estate.
The potential boom in business for Luxury development in NYC isn’t great news for many NY residents who already believe real estate prices in many parts of the city have swollen beyond affordability. The future is unclear, but what we do know is that the impact of the Brexit will be felt world wide, even in the greatest city in the world, NYC.