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The article frames the historically high office vacancy as crushing these businesses that catered to an office crowd. I could imagine a similar article that wo
by bko 3y ago
The article frames the historically high office vacancy as crushing these businesses that catered to an office crowd.
I could imagine a similar article that would frame the rise of work from home for increasing effective take home pay of employees, reducing carbon emissions and increasing available employment opportunities which is all great for workers.
Or maybe WFH is a race to the bottom in terms of wages since companies no longer have to pay a premium for local workers in a high cost area.
Or maybe WFH is helping create new businesses as they can source talent from around the country.
Or maybe fewer workers means that public transportation services are at risk of being defunded which would hurt the most vulnerable.
Or any number of other effects from a changing work environment. My point is that these kinds of articles are arbitrary and uninteresting.
> In New York, which counts on office properties to generate about 10% of its tax revenue, the comptroller warned last summer that the city could face a shortfall of more than $1bn in the coming years under a doomsday scenario.
A city serves its people, not the other way around. If a city offers too much office space, it should adjust. If it fails to do so, it'll have to learn to do more with less
- pcthrowaway 3y ago> My point is that these kinds of articles are arbitrary and uninteresting. I agree with all your other points, but I do still find it interesting to learn more about the external consequences of this shift "from the ground level" (aptly, where most of these restaurants which cater to office workers operate), so to speak.
- bko 3y agoSure I agree it is interesting to some extent. The problem is these articles are written very emotionally as advocacy pieces and leads to stupid laws that basically amount to handouts to certain groups or regulations to prevent change in a neighborhood
- tmpz22 3y agoI think the article hits the most important part in all this by NOT talking about WFH and instead expanding on how these buildings are highly leveraged in such a way that capital groups are disincentivized to revive the area via lower rents. Instead ownership is passed to equity groups willing to wait out a downturn - in this case selling interests in a building for $1. This isn't about handouts its about understanding the actual economic reasons and considering appropriate policies that may deter what has become a major societal drag in some cities. It is not a handout to pass laws that improve society at the cost of increasingly parasitic corporate interests.
- Projectiboga 3y agoWasn't one dollar it was one dollar plus assuming an obligation of $45 million dollars for 29% of the deal. If the other 71% is valued the same the building as lost half its peak value.
- sokoloff 3y agoI’d expect the city that fails to adapt will overwhelmingly likely be forced to do less with less.