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2020-Present: Both Teams Become Playoff Contenders
In 2020, hedge fund manager and billionaire Steven Cohen, purchased the Mets, ushering in a new era of competitiveness for New York City baseball. Cohen has promised an increase in payroll to turn the Mets into one of the highest-spending teams in the league, drawing comparisons to former Yankees owner George Steinbrenner. .

During the 2020 season, the COVID-19 Pandemic resulted in the Mets playing 2 "home" games at Yankee Stadium against the Yankees. The Mets won their first home game by the score of 4-3, as Amed Rosario, the Mets shortstop, hit a walk-off home run at Yankee Stadium. After the game, Rosario told reporters "I forgot we were the home team and that was the end of the game,” noting the unique characteristics of that season for both teams. As a result, Rosario became the first visiting player since Ed McKean of the St. Louis Perfectos in 1899 to hit a walk-off home run in the opposing team's ballpark.

Two days later, on August 30th, the Yankees had a surprising victory of their own, as they came back from 7-2 down in the final inning to win the game 8-7 in extra innings. The Yankees were given a 1 in 500 chance of coming back in that game, and a walk off single by third baseman Gio Urshela in extra innings helped the Yankees finish the comeback.

In 2021, the two teams played on the weekend of the 20th anniversary of the September 11th attacks. In a game filled with pregame ceremonies and remembrances, the Yankees managed to win by a score of 8-7. Before the game, the two rivals came together in a show of unity by hugging which elicited an emotional reaction from the crowd. The next night, star Mets shortstop Francisco Lindor hit 3 home runs to propel the Mets to a 7-6 victory, becoming the first player in Subway Series history to hit 3 home runs in a single game.

2022 also marked the first time the teams completed a major trade in 18 years, as the Mets traded middle reliever Miguel Castro to the Yankees for reliever Joely Rodriguez. The trade did not end up being a success, as both players ended up playing for different teams in 2023.

In 2023, the Yankees and Mets had disappointing seasons, resulting in both teams missing the playoffs one year after they were among the top teams in their league, as the Yankees finished with 82 wins and the Mets finished with 75 wins. The 2023 season was seen as a massive letdown, as both the Yankees and Mets were among the pre-season favorites to win the World Series and both fell short of expectations.

Due to the Covid Pandemic, the Rangers and Islanders played 8 times in the 2020-21 season, the most games the teams played against each other in a season since 2008. The Islanders won 6 out of the 8 games, en route to making the playoffs over the Rangers.

In the 2021–22 season, the Rangers and Islanders played the first game of the rivalry in the newly opened UBS Arena. The Rangers won that inaugural game 4-1, denying the Islanders a chance to beat the Rangers for their first win at UBS Arena. Later in the season, the Islanders would get their revenge, winning both games at Madison Square Garden, and ultimately, both teams finished with a 2-2 record against each other.

Due to changes in the scheduling process, the teams only played three times in the 2022-23 season, all of which were before Christmas. The Islanders, thanks to a third period comeback in the second game out of three, won the overall season series 2-1. The three games the teams played against each other was the fewest number of times the two rivals had played each other in the over fifty year history of the rivalry.