Rush Limbaugh predicted this before he died. His exit from NYC was caused by their anal-retentive tax harassment. I believe DJT could testify to this. IMO
(Face High)
Anxiety?
What the workers will never mention is the crime rate
That's not a sign of an upswing, it's a consequence of failure. Residential rents climbed because of the thousands and thousands of units landlords are keeping off the market after getting burned by the city government via the eviction moratorium during the Scamdemic.
Landlords began holding units off the market even prior to the moratorium due to changes in the law in New York City and aren't going to return them since they have no guarantees the city government won't screw them over again.
Think how many illegal aliens could’ve moved into these spaces. They do have bathrooms and kitchens.
Homeless and drug addicts would love to be out of the weather.
But even after Below Average Joe declared the pandemic over vacancies still go up, disproportionately in the most Liberal and crime ridden cities.
…And yet rush hour traffic is the absolute worst I’ve seen in forty years. It’s so bad that I’ve got to tell my dealers that trips to Staten Island are out. Took four hours to get there the other morning.
A few things:
1) they are never going to get anywhere near all the toothpaste back in the tube. A lot of office workers are never going back. Of the ones that do go back, the most they will get from them is hybrid (ie 1-2 days a week) instead of 5 days a week in the office.
2) Commercial real estate is in serious trouble. Vacancies are high. Values are declining. What do you think the future looks like? Companies will look to downsize their offices. Pre-existing commercial real estate rental contracts are one of the only things keeping onsite work rates as high as they are now. A lot of those contracts will not be renewed.
3) Remote work for the very first time in 150 years incentivizes moving out of big cities and into small towns and rural settings.
4) Big expensive cities like NYC, San Francisco, Chicago, LA, are going to feel the pain first and most acutely. Why endure the pollution, traffic, crime, high prices for everything, etc if you don’t have to? If you are a single person making $125K per year in NYC you are definitely not rich. Your lifestyle is middle class. How does $125K a year sound for a single person in say - Charleston, West Virginia? What do you think happens to your standard of living as soon as you get the hell out of NYC?
5) Do I even need to point out that those cities are all deeply blue and that as White collar jobs flow out of them, that weakens the Democrat party machines there - OR - that as people move away from bigger cities with public this and government that and are forced to become more self sufficient, that will change their voting behavior?
I haven’t worked in an office since the start of Covid. I’m a consultant so I’ve been through the hiring cycle multiple times in the last 3 years. Its been a little bit more difficult to get jobs that are 100% remote in the last 6 months or so but I’m still able to do it......which means I have no reason to ever return to the office. No unpaid stressful and expensive commutes. No being under the thumb of ueber Leftist HR departments. More freedom.
Will Built to Suit?
Most of the previous conversions were older pre-air conditioning office buildings which utilized natural light and windows that open.
The glut on the market now is newer buildings post-air conditioning that have larger floor plates. People generally don’t want to live in apartments that don’t have windows with views and natural light. So the interiors of these buildings are not useful for residences.
Watch ADAMS & Hochul command that they become HOMELESS housing.
Not only are property taxes going down, income taxes are decreasing as well. NYC, has been sticking people with income taxes if they physically work in the city. With people working at home, NYC can pound sand. Falling property values, decreased income tax, decreased sales taxes, decreased revenue from toll roads, decreased meter maid revenues... Of course, it’s not going to matter to the city, because the’ll just increase rates to make up shortfalls... which will lead to even more flight. I hope the entire evil city goes bankrupt. Again
Law of Unintended Consequences. The goal of the Great Reset is to warehouse in urban areas where they can isolate and control us - no cars (internal combustion engines), reliance on mass transit, etc. BUT the need to guarantee Trump got defeated through mail-in vote fraud caused them to unleash COVID and shut us down. They assumed it would further the great reset by replacing Trump with a controllable Biden AND accelerate the great reset by crashing our economy.
They did not think through the reality of the remote workforce. The economy was driven to its knees but did not crash. The American workforce went remote and NOW there is a freedom trend of remote worksites causing people to flee the big cities and they will not likely be returning.
To the libs who run these big cities (into the ground), EAT IT! It may not be what you wanted, but you got just what you asked for in unleashing COVID.
It may have been CoVid that pulled the trigger but the trigger was there waiting the first time some smart Johnny tried packet switching. And let's face it, high crime and tax rates and cramped working conditions are helping pull it.