Remote Work Is Costing Manhattan More Than $12 Billion a Year
Issue #333
26 Feb 2023
There’s a reason why NY Mayor Eric Adams made an early call for RTO - it's costing local government billions of tax revenue from the moribund office and night economies. I suspect most of us here would strongly resist any call to return to the office, but the wider point of contraction of economic activity brought about by remote needs to be acknowledged, and it’s implications - the hollowing out of metropolitan centres, decline in innovation and the collapse of real estate value fully considered. Whether this is an opportunity to level up for the regions or a catastrophe for countries who have converted housing into de facto pensions is an open debate…