Posted on 01/16/2021 6:11:45 PM PST by george76
While I agree many of these jobs are never returning to NYC, I also wonder how many will remain in this area (either remotely or setting up in cheaper alternatives nearby). This ChiCom virus has allowed companies to shed some jobs with public relations cover (due to economic conditions vs. corporate greed), and people should always remember that many jobs that can be done remotely can be done from Asia the same way. I’d already noticed a migration of back-office accounting work and such to India, and I assume those projects will be accelerated.
Here in northeastern NJ we are seeing a rise in housing prices and rents, but I don’t assume it will last; it didn’t last with previous events (such as the flight of wealth from NYC to northeastern NJ/Rockland and Orange counties in NY during the Dinkins administration). We seem to be the temporary fix until a better solution is found, because it is expensive here as well - just not as dominated by the lunatic left or the race war.
The problem with insurance fires is that now many insurance companies will simply rebuild the structure; the days of simply cutting you a check are gone (to remove that incentive to leave cardboard near the fryer “accidentlly” left on).
This is just accelerating a problem in NYC that has been ongoing for decades; many lives were saved on 9/11 by the amount of vacant office space in the WTC (less traffic on the stairs), and that lack of demand for office space also stalled the replacement of the WTC for years - why rush to build a huge office complex with no prospective tenants? They could fill some with tenants without a choice (gubmint agencies, for example), but otherwise they had too little interest in renting there.
Welcome to Raleigh/Durham. :(
Going down the tubes
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.