“In a best-case scenario, we remove 30 or 40 percent of the office stock in New York City, turn it into wonderful housing. New York City has all these great amenities, it’s a wonderful place where young people want to live, regardless of where they work.” He imagined people telecommuting to jobs in other parts of the country by day, then convening at bars in the Village by night. “That to me is the vision of New York City,” he said.“The Prophet of Urban Doom Says New York Still Has a Chance” The New York Times, February 8, 2023
New York City is a fantastic place to live and more people would do so if it weren’t so expensive. The city shouldn’t fear WFH, it should embrace it by converting offices to housing across a wide variety of price points. Lower the cost of rent by increasing the housing supply and you’ll find no shortage of U-Hauls heading our way.
The new reverse commute is not living in the center city and commuting to the ‘burbs, it’s living in the center city and telecommuting all over the world.