NYC office buildings are set to see $50
BILLION in value wiped out as nearly 54%
of workers in the Big Apple continue to
work from home, new research suggests
Daily Mail (UK),
by
Stephen M. Lepore
Original Article
Posted By: Imright,
10/4/2022 2:21:34 AM
The city of New York continues to face devastating financial peril from remote work, as office buildings could potentially lose $50billion due to people doing their jobs from home.
A recent study from the National Bureau of Economic Research shows that property values of office buildings in the city declined nearly 45 percent in 2020 and are forecast to remain about 39 percent below pre-pandemic levels.
While many are returning to the office, a company that measures ID card wipes says that only about 46 percent of workers in the region have gone back in full time as of mid-September.
Reply 1 - Posted by:
Rama41 10/4/2022 3:45:09 AM (No. 1294812)
NYC is the next Detroit.
19 people like this.
Reply 2 - Posted by:
mifla 10/4/2022 4:12:49 AM (No. 1294817)
They don't want to be killed trying to get to work.
30 people like this.
Reply 3 - Posted by:
andyboy 10/4/2022 5:26:59 AM (No. 1294830)
Meanwhile, demand for NYC residential apartments (and rents) keep rising. The solution should be obvious.
10 people like this.
Reply 4 - Posted by:
Rich323 10/4/2022 6:07:17 AM (No. 1294839)
Escape from New York! Science Fiction movie to realty show in just a few years. Calling Snake Plisskin!
15 people like this.
Reply 5 - Posted by:
Echohawk 10/4/2022 7:21:20 AM (No. 1294862)
No one can blame them for staying home. The streets of New York are dangerous these days.
18 people like this.
Reply 6 - Posted by:
udanja99 10/4/2022 7:55:44 AM (No. 1294891)
Same thing is happening in DC. Rush hour in northern Virginia used to be a nightmare. Now there is almost no rush hour at all.
9 people like this.
Reply 7 - Posted by:
Strike3 10/4/2022 8:14:51 AM (No. 1294913)
NYC might as well shut it's doors. No workers, no tourists, no small businesses, failing restaurants. When the lunchtime crowd is cut in half and tourism dwindles to nothing, restaurants will not survive. Who wants to risk their life by simply walking down the street? The good news is that the city will finally have sufficient parking.
10 people like this.
Reply 8 - Posted by:
ramona 10/4/2022 8:27:06 AM (No. 1294923)
Hey! There's room for all those southern border migrants in them there offices!
Ramona (the Pest)
16 people like this.
Reply 9 - Posted by:
RayLRiv 10/4/2022 8:57:57 AM (No. 1294946)
Die, New York, Die.
That's what Mayor Adams gets for maligning Kansas.
6 people like this.
Reply 10 - Posted by:
felixcat 10/4/2022 9:55:59 AM (No. 1295021)
Re #6 - I went into DC last week for one day for a work matter that could not be handled online. Took the Metro - almost empty as compared to pre-pandemic days. Pulled into the Vienna Metro parking lot and almost empty that I thought the station might be closed, but it wasn't. And this station parking lot use to always fill up by 8:00am. DC itself - very little traffic and many small restaurants/cafes, Mom-and-Pop places closed up - sad to see them gone while the chains are still open but with reduced traffic. But I saw a lot of new commercial real estate advertising space for lease so who knows?
5 people like this.
Reply 11 - Posted by:
DVC 10/4/2022 10:15:13 AM (No. 1295054)
NYC is being run by incompetents and grifters who have zero interest in anything beyond lining their own pockets. Living there, under these tyrannical thieves is an exercise in futility.
6 people like this.
Reply 12 - Posted by:
TurtleDove 10/4/2022 10:33:31 AM (No. 1295085)
What employer wants the possible nightmare of forcing an employee to come back to an office, only to have them navigating the streets of hell? If the jobs can be done while they are at home, then let it be unless/until they clean up NYC.
5 people like this.
Reply 13 - Posted by:
chumley 10/4/2022 2:04:04 PM (No. 1295281)
Over half of the admin people where I work are working from home, and its a disaster. No work is being done and the employees are being forgotten. Somewhere down the road the forgotten will retire having never been seen. Meanwhile, those of us who show up cant get any help because nobody is in the offices. Submit a request on line? Why? It either gets done wrong or not at all.
3 people like this.
Reply 14 - Posted by:
msjena 10/4/2022 2:26:42 PM (No. 1295291)
When all of those office buildings are repurposed to residential, the rents will come down. It could be a good thing.
0 people like this.
Reply 15 - Posted by:
kono 10/4/2022 3:20:32 PM (No. 1295324)
Nearly half of New Yorkers are telecommuting? The notorious commute traffic there must be much improved, at least if the ones claiming to work from home are actually staying home to work.
0 people like this.
Reply 16 - Posted by:
john56 10/4/2022 5:14:51 PM (No. 1295398)
If you're not working in NYC anymore, do you have to pay NYC income tax because your employer is based there? Or if you have to come into NYC one day a week, do you only owe taxes on 20% of your income from that one day of five? I'm thinking that Mayor Adams is taking a hit in the shorts on this one, he may have to pull 24/7 police protection away from some of his friends on this one.
And I wonder if Leticia James plans to file civil suits against all those building owners who now have "inflated" their value for loan purposes?
0 people like this.
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