Companies are beginning to see how technology allows their workers to work remotely without affecting operations.
This means that they don’t have to rent expensive office space to do business.
Add this to the massive exodus from New York City under Mayor De Blasio ( crime has shot up nearly 200% ) and you can see how living in the city has become unappealing.
We had a good 20 year prosperous and peaceful run under Mayors Giuliani and Bloomberg ( who continued and improved on Rudy’s tough on crime policy ). That all changed under this Commie sympathizing mayor whose own daughter actually got arrested for protesting with BLM and Antifa.
My son-in-law owns a company that has just under 40 developers and is located in Seattle. They went WFH and he found productivity did not change at all. His lease on his office space expires the end of the year. He’s doing three things:
1. He’s going PERMANENT WFH.
2. He and my daughter and granddaughter are leaving Seattle for flyover country. They visited my other daughter and her husband that moved here a couple years ago to the area east of Louisville and were blown away by how much house and property they got for $650. They are looking to do the same, now.
3. HE’s hired his last Seattle (Tier 1 market) employee. He won’t lay any off, but as they are removed via attrition, he’ll replace them with much cheaper Tier 2 and 3 market employees. They are just as good and as little as half as expensive.
Of course, that’s just one company.
There are a lot of parallels to Abe Beam’s and Ed Koch’s NY of the 1970s. It will take at least 10 years to work through their problems.
It was a helluva run, had to end sometime with all the dumb libs in the city
Bloomberg was an able adminstrator. I have to give him that.
I live right across from Staten Island on the Jersey side. My home value has taken off like a rocket since Spring. Might be time to sell and move to Montana.
“We had a good 20 year prosperous and peaceful run under Mayors Giuliani and Bloomberg ( who continued and improved on Rudy’s tough on crime policy ).”
Yep, I used to LOVE going there and it was very safe, certainly in Manhattan. It’s over - it’s now like just about every other US city - the smarter (and better informed) among us simply stay clear.
Commercial real estate dying will destroy millions of jobs.
I worry about cybersecurity with massive WFH people.