yes. this is 100% correct. I live in NY. Things were and continue to be much tighter than any of the southern states. And once the spike started back up down south, opening up in NYC was slowed down even more. I commute into Manhattan once a week - have been since the quarantine started. Instead of driving in, I now take the train. It's still empty. Most businesses will remain operating remotely through at least labor day. Many of the larger companies - including some like the Big 5 Accounting firms have already told employees they won't be going back to the NYC office. Some might go a day or two a week - Some will never go in until after Jan 1. COVID-19 has totally changed the way business will be conducted for the future.
And that's not even including the real estate market - commercial real estate in particular...