3 ms·
> Empty offices in city centers may be replaced by apartment buildings. “The end result is more balanced communities,” Mr. Florida said. “But—and it is a big bu
by Biologist123 4y ago
> Empty offices in city centers may be replaced by apartment buildings. “The end result is more balanced communities,” Mr. Florida said. “But—and it is a big but—the adjustment will be painful.”
The institutional owners of property may end up taking a haircut. This ultimately means pension funds in large part. Alongside deglobalisation, renewables (with stranded assets) and creeping automation, I wonder what options people and governments have to protect their wealth amidst creative destruction.
- jdhn 4y ago>The institutional owners of property may end up taking a haircut. This is exactly why Mayor Adams wants people to come back to the office in NYC. NYC derives a big chunk of change from taxing corporate offices, and if the value goes down then NYC loses out on a lot of money.
- throwaway0a5e 4y agoAnd taxing the commuters, and the sandwich shops those commuters patronize, etc, etc.