They can become housing for illegal aliens?
A Saudi Pilot Demolition Company contract?
Rush Limbaugh predicted this two years ago. Unless the local government changes NYC will be nyc.
I’m sure AOC has a plan. More beauty salons?
The property values with right themselves until they stabilize.
That’s going to hurt tax revenues, so residential taxes are probably going to sky rocket.
Trump is getting out of New York in the nick of time.
The corporations figured out it’s cheaper to have their people work from home. Many of them are never coming back to the offices. Whoever owns office space is royally hosed.
CC
What may have damned the metro area were public officials and their inability to lift health mandates that crippled the local economy, forcing tens of thousands of people, if not more, out of the area and to suburbia or Florida.
Their INABILITY? How about their refusal?
CHINA will snatch them up as well as INDIA and the MIDDLE EAST.
I’m starting in April my new hybrid schedule of one day a week in the office in the city. Looking forward to it actually. One day a week is perfect.
...no one trusts the New York City government. Who wants to get pushed in front of a train? Who wants to get stabbed by a mentally ill homeless person?
Democrats actively aid and abet illegal alien invaders at the expense of U.S. citizens. Well, we've reached the point where the citizens couldn't afford to have children in order to pay for the invaders. Now there aren't enough citizens to fill these jobs and the fiction that these invaders could fill those jobs has been exposed as a sick fraud.
Wow! Loans un paid, property taxes un paid and valuation contested, fire sale prices, cats & dogs living together! This is going to be rough for office building owners.
“What happens to all the empty commercial-office buildings”
It’s simple.
We turn em into National Parks and fill em with buffalos and kangaroos.
Then, we charge people $400 bucks each to see them.
Problem solved.
Escape from New York is coming back as a documentary
I do work that “could not possibly” be done remotely in most cases. Now this work is done remotely the majority of the time. This is the way the world changes - an inflection here, an inflection there.
People overwhelmingly do not want to return to the office and now realize beyond any doubt that it is completely unnecessary. They are refusing to take jobs that are not 100% remote and are leaving jobs that try to force them back into the office.
What will happen to empty office buildings? Sell them to developers. They’ll convert plenty of them into apartments or condos.
Expensive cities like NYC and San Francisco are gonna take it right in the shorts. You don’t need to live there. Even a crappy salary level in those two cities would allow someone to live quite comfortably in America.
How could this have happened?!? /s
Sounds like a lot of people learned something. From being able to do their job from home, to the education system, to government health department tyranny.
Employers, smart ones anyway, learned they could eliminate a bunch of overhead costs. Either take it as profit, reward employees better, reinvest in the business.
The days of the cubicle life and corner office scramble is over. A many people are happy to see it go.
It also indicates for all the hype that surrounded NYC it never was all it was cracked up to be marketed as. All the big cities are learning this. The city insanity stopped.
This may very well prove to be the one glitch in the progressive agenda. Remember they want people in controlled housing stock, they want suburbs to disappear, etc. People have decided they like their house, their yard, their safe parks and safe communities.
How ya’ gonna keep them down on the farm after they’ve seen LA? Sars-Cov-2 LOL.
The tourism-heavy hotel industry, in particular, faces a long, steep climb to recover job losses.
“Under 20,000 of 55,000 jobs have returned in the hotel sector. So far, 125 hotels and 18,000 rooms remain closed,” said Vijay Dandapani, CEO of the NYC Hotel Association.
https://nypost.com/2022/01/19/hochul-budget-shows-nyc-hotels-tourism-and-retail-wont-recover-jobs-until-2026/
Something I didn’t see mentioned in the article or the comments is the crime.
The out of control crime. Not worth the trip.