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are people going to stop being in cities? That's for sure not the case.
long term definitely not. People have grown to dislike suburban life and the boredom always draws them back
but short term you're going to have a broke city and broke state neglecting streets, parks, trash collection, cleaning and thousands of unemployed many turning to crime and not being punished. That is on top of the thousands of workers who are now told to work from home who will not be buying drinks at the bar or eating at restaurants resulting in more lost jobs and feeding a vicious circle
And you don't think that was supposedly the case with 9-11? Lol
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Happened less after 9-11. Once airspace was secured mainly by Federal Airspace strategies, 9-11 could not repeat.
This is an invisible enemy. There won't be an "all clear". That makes this more of a urban game-changer. WFH is working quite well for most corps. This expedited the move towards it, on a far, far wider, massive scale. For good. I do think corps will want people in offices, but just small percentages each day.
Several public officials have stated they, and industry experts, do not see a "rush hour" at Grand Central again. It takes masses of people to create a "rush".
9/11 was a different case, there wasn't any remote workers those days. Since then remote work begun because companies were forced to have disaster recovery. I was working downtown during 9/11 our building was not affected but we could not return to work because of Verizon circuit outage for several weeks. Our company was shutdown for 2 weeks until the repairs were done and we returned to work and it was a damning experience going downtown everyday and seeing the warzone. Company eventually had a DR plan like many and work from home started when we were affected by Hurricane Sandy which flooded the basement and destroyed all power and data connections. We were fortunate this time that we had our DR plan fully working and everybody worked from home during Sandy for 2 months. My manager at the time lived in Battery park and had power to the apt for 6 months and worked out of extended hotel stay.
Today, almost every company midsize and bigger have remote working capability fully operational. When this thing came, we were already planning for it in February and travel restrictions sent out company wide. The order to work from home came the first week of March and company is fully working from remote.
I've spoke with many folks and a lot of them are not coming back to NYC anymore as they will let their rents expire and move elsewhere. I expect NYC to have a lot of vacancies.
Today, almost every company midsize and bigger have remote working capability fully operational. When this thing came, we were already planning for it in February and travel restrictions sent out company wide. The order to work from home came the first week of March and company is fully working from remote.
I've spoke with many folks and a lot of them are not coming back to NYC anymore as they will let their rents expire and move elsewhere. I expect NYC to have a lot of vacancies.
Our wfh % will stay quite high , at minimum, all of 2020.
It is 95+% the last 8 weeks.
I know many of our customers and suppliers are experiencing the same massive shift.
We will never resume our pre covid work in office %, or even half of it, again.
This is a worst case scenario. In reality every major city would fail if WFH became permanent. To mitigate this companies should pay based on location so they wont be giving out nyc, bay area, la salaries to ppl who live in the middle of no where or the south. Zuckerberg is already a head of the game i see. It truly doesnt make sense for the economy to be paying a high price to ppl who dont live within the means of the location, it creates a ripple effect when you do this, for example there is a reason why certain cities have the entertainment it does.
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And no, just in case it was not clear, I am not Bill.
