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Rents are down, so that will eventually attract people back. A supply and demand problem in the classic case. Office buildings can be converted to housing in t
by AtlasBarfed 6y ago
Rents are down, so that will eventually attract people back. A supply and demand problem in the classic case.
Office buildings can be converted to housing in the short run.
In the long run, in-person offices will probably beat distributed teams in many industries, like finance where small margins produce results. Especially since Goldman Sachs probably likes to discuss strategic plans like destabilizing national economies in private and in person.
Near-tautological cycles of real estate appreciation in high demand urban centers have prevented addressing major glaring problems, so a correction to the demand curve and valuations may enable zoning reform in order to get people back to the city.
Finally: why would anyone move to Phoenix with looming global warming?
- jgalt212 6y ago> Office buildings can be converted to housing in the short run. This is just not feasible in the short run due to huge costs of extra plumbing and other infrastructure changes. Hotel to housing conversions are much cheaper.
- jmeister 6y agoPlease keep up with the times. Early 00s was “9/11 is an inside job”. 10s was “Goldman is a vampire”. In 2020 it’s “Hollywood perverts and the CIA control the culture and program the people”.
- dgudkov 6y ago>Rents are down, so that will eventually attract people back. Rents themselves don't attract people. Jobs do. Many jobs now don't require people to be physically present in a large city.