Posted on 06/03/2020 10:24:19 AM PDT by wac3rd
"Scores of apartments could be empty as thousands of renters face evictions after losing their jobs and as millennials in pricey spots like New York and San Francisco flee in search of cheaper pastures.
Major companies significantly downsize, or simply give back their space in favor of remote work. Few tenants will be able to step in to fill their space. A large driver of recent leasing activity, coworking firms, struggle to get new members and are forced to shutter."
(Excerpt) Read more at commercialobserver.com ...
1. Loss of productivity -- mainly due to distractions and lack of work discipline.
2. Resistance from employees who are tired of working alone and need some social interaction with other adults.
I think the long-term impact here is going to be a resurgence in the appeal of suburban office space, coupled with a migration of SOME jobs to home-based work environments.
I'm pretty sure that was eliminated in the 2017 tax reform bill for everyone except a person who runs their OWN business out of the home.
What scares me the most is that these left wing morons will move into my neighborhood. I prefer they stay in NYC with the cockroaches and rats. As to real estate prices, they’re grossly inflated anyway-it’s time for a correction.
Staten Island is in many ways a world away from the other 4 boroughs.
I’m an underwriter for insurance. I’ve been a remote work from home employee since 2007. There’s about 80 of us in the Underwriting Dept. Prior to COVID a good 70% of us were already remote spread all over west to east coast. Now 100% of us are. I think a few who are local to the Home Office may go back a couple days a week (that’s the talk) but with flex hours remote is a pretty sweet deal.
Oh well, that’s a shame.
At least you can avoid having to drag yourself an hour each way to the office.
Lol! A REAL fire sale too.
The older people move out of NYC and the younger ones move in.
It's been like that for years.
It was like that for me back when I was in my twenties. And I now know many that age who can't wait to get back to their apartments and to start working in their offices again.
That’s my biggest concern. My property taxes on 32 acres and a nice (but small) house are $260 a year. That’s why I live here.
I work for a Fortune 500 financial services firm. The entire firm is work from home since early March when all this started. We are in a relatively new beautiful state of the art office tower with all the bells and whistles. No one on my team and others I have interacted with wants to go back (besides my team manager who is a great guy and misses personal interaction). We are all happier and productivity has increased as well.
A plan to go back is being developed but only 25% of the associates are going to be allowed to return on a volunteer basis due to social distancing. Everyone will be separated by 10 feet and will be required to wear masks and gloves. Access to the break room (and coffee) will be restricted and a bathroom schedule will be enforced. No thanks. I avoid traffic and get 45 minutes of extra sleep every day. I wear sweatpants and a t shirt to work and can hang out with my dog on my lunch break. I have drastically increased the amount of overtime I am working due to the convenience of commuting to my basement so I am making more money and more bonus money. I told my manager when he asked if I wanted to volunteer to go back that I never want to work in the office again. None of my neighbors who are in the same situation want to go back either. Covid has changed things. Maybe forever. This is so much better.
The reason? Was it the looting? Was it the Chinese virus?
Nope.
They decided that they are going to completely remodel our two entire floors of office space!
“You can write off a home office on your taxes.”
I’m not sure that you can anymore. At the least, it’s become a LOT harder since Gramm-Rudmann eliminated a lot of tax deductions in 1986.
You can no longer deduct most expenses if you are a company employee(gets a W-2)working remotely from home. You may still deduct expenses if you freelance or are a contract worker(1099) - - that’s the simple version, see your tax man for finer details
Ken H wrote:
“All they have to do is raise local property taxes and tax everything that isn’t taxed now.
Problem solved!”
More foreclosure and people losing their homes due to not being able to pay.
cuban leaf wrote:
“That’s my biggest concern. My property taxes on 32 acres and a nice (but small) house are $260 a year. That’s why I live here.”
In Texas, property taxes on a 2600 sq ft house on 1/4 acre runs 5700 a year.
On the flip side of that coin, residential real estate doesn’t appear to be missing a beat here in my part of North Carolina. I don’t know how they managed showings let alone closings during the shutdown but they did. Inventory is short, houses are selling quickly, within weeks if not days, especially in the magical below-$200K category. I guess it’s New Yorkers.
Back before the real estate crash when I had plenty of money, I built a lake house here in NC. When completed it appraised at $750k. It was assessed for tax purposes at about 450. Annual property tax was about $3,200.00. Texas taxes on residential real estate are bizarre. They’re right up there with New Jersey and more than make up for the lack of income tax. I guess state governments are just going to get their pound of flesh, one way or the other.
It’s $7,000 for my friend in a suburb 30 miles from Seattle. It’s why I moved. I can live out here - comfortably - on SS alone.
It’s the closest thing to ex-patriating without ex-patriating. :)
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.