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The chain is a little longer, and a little less intentional, IME. CRE firm lobbies local politicians that remote work is killing Main Street. Local politician
by i_am_jl 2y ago
The chain is a little longer, and a little less intentional, IME.
CRE firm lobbies local politicians that remote work is killing Main Street.
Local politicians attach tax breaks/incentives for companies with office workers.
Companies mandate RTO to save some tax money while unwittingly being a toadie for commercial real estate.
The key difference being that the people mandating RTO aren't biased because of their own investments in CRE.
- kridsdale3 2y agoAmazon does own (what feels like) half of downtown Seattle. I think in this case they do have a strong 1st party incentive.
- ambicapter 2y ago> Local politicians attach tax breaks/incentives for companies with office workers. Has that actually happened?
- ghaff 2y agoCertainly tax breaks related to local employment have been a common thing in the past. Whether this is related to any current RTO activity I have no idea.
- ghaff 2y agoI do think there's probably a lot of political pressure on employers to not just abandon downtowns. And some do outright own a lot of real estate which puts them in a somewhat difficult position of probably writing down investments. But my first-hand observation in that employers who lease are just not renewing in at least a number of cases.