New York City is a booming metropolis. In a city that has everything to offer, it is easy to forget how the things going on outside the city borders can impact life within.
This is particularly true when it comes to international affairs. How could a vote on the other side of the ocean possibly impact things that are going on here? Well, when it comes to something like Brexit, the answer may be surprising.
What is Brexit?
Just across the pond, Great Britain is considering leaving the European Union (EU). The move, known now as Brexit, is to be decided by a vote schedule to occur this Thursday.
Either way the Brits go, New York will likely feel an impact.
How could this vote impact New Yorkers?
Two specific areas to watch:
- Interest rates. Uncertainty in Great Britain will likely result in a negative impact on their economy. This is predicted to have a global impact, as Britain's faltering economy will further signal a struggling global economy. In New York, this could trigger a reduction in interest rates, making mortgages more affordable for interested buyers.
- Investor interest. A second likely impact involves the interest by investors to invest in real estate. Experts with International Business Times predict that Brexit will translate to an increase in international investors moving from Great Britain to gateway cities in the United States. One prime option: New York City.
Only time will tell just how big of an impact this vote will have - but, the impatient need only wait a few more days.