3 ms·
There's already a micro version of this happening in NYC the last 18 months. Residential neighborhoods that are normally dead on weekdays daytime are suddenly
by steveBK123 4y ago
There's already a micro version of this happening in NYC the last 18 months.
Residential neighborhoods that are normally dead on weekdays daytime are suddenly filled with people while midtown/fidi office areas are significantly quieter. There's already been impact to relative apartment rents, especially with younger people who are picking neighborhoods based less on commute time and more on lifestyle.
I can imagine a lot of NYC commuter suburbs will see similar effect.
People I know in tech in NYC with high paying jobs have moved deeper into suburbs, banking on being WFH more than in-office.
In before-times, fully in-office, workers were commuting 60+% of the 365 days of year (after removing weekends/holidays/vacations/sick days)
Even in a median 2-3 days in-office case, people could be commuting as few as 20% of days of year.
Spending 90min/way on the train but only 20-25% of calendar days starts to feel manageable if you were previously doing 60% of your days on the train for 60min/way.
- xbmcuser 4y agoYeah it was interesting to see https://www.youtube.com/user/rossmanngroup https://www.youtube.com/user/rossmanngroup commercial estate videos how large portion of real estate is up for rent in NY but as the house of cards is built on cheap mortgage or black money no one is willing to bring down rent. Even NY government is unwilling to as that would mean they would loose billions in property taxes. But as interest rates rise landlords will come under pressure to sell the properties or lower the rent so that they can at least meat interest payments which will result in lower valuations and margin calls.