The death of New York? Business leaders warn of downward spiral as chains like JC Penney, Neiman Marcus, Le Pain Quotidien and Subway permanently close Manhattan branches after mayor's pandemic bungling sees mass exodus

• Business leaders warn that NYC is facing a crisis of historic proportions
• Pandemic, lockdowns and soaring crime have prompted mass exodus
• Many retail chains have permanently closed branches in Manhattan
• Job listings in the city have plunged 36% from last year, and rents are falling
• Hundreds of thousands have left the city as remote work stretches into months
• Many say they will never return, and there are fears recovery could take years

An ongoing mass exodus of residents and businesses from New York City has led some to suggest that the damage to the city's economy could last for years or decades to come.

'There's no reason to do business in New York,' said Michael Weinstein, the chief executive of Ark Restaurants, which owns Bryant Park Grill & Cafe in Manhattan and 19 other restaurants, in an interview with the New York Times.

After months of harsh lockdowns and amid soaring violent crime in the city, Weinstein said he will never open another restaurant in New York.

'I can do the same volume in Florida in the same square feet as I would have in New York, with my expenses being much less. The idea was that branding and locations were important, but the expense of being in this city has overtaken the marketing group that says you have to be there,' he said.

People wearing face masks are seen at Times Square amid the coronavirus pandemic on Sunday in New York. There are increasing signs the city is in a downward spiral

Though precise numbers are hard to come by, hundreds of thousands of New Yorkers have moved out of the city since the pandemic erupted there in mid-March.

Though the viral spread has slowed to a snail's pace in the city, the exodus continues, as lockdown restrictions strip much of the joy out of big city life, and continuing remote work makes relocating feasible for white collar workers.

Violent crime has also soared, with shooting incidents across the city up 177 percent in July compared to last year.

Murders were up 59 percent for the month, burglaries rose 31 percent, and auto thefts increased 53 percent.

The city that never slept is now an eerie ghost town after dark, the empty streets of lower Manhattan punctuated by caravans of NYPD vehicles racing from one incident to the next.

Subway trains, which for decades ran 24-hours, now shut down at...

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