Are the major cities in danger of going extinct? (Somali, crime rates, companies)

[MrsHyde]

Around half or less of downtown office space is currently unused and many companies are not looking to renew their leases. When people no longer want or need to go into corporate offices to work, this has a cascading effect because

• Buildings can't finance their debt without rental income
• Businesses such as restaurants don't have a customer base
• Condominium prices collapse
• Cities face tax revenue shortfalls

There is a lot of contradictions because young people want to live "where the action is" but at the same time want to work remotely. I have trouble imagining a future where major cities exist as sort of a hub of activity while everyone works from inside their apartment. This would be especially true of like an NYC.

[CrowGirl]

I would challenge the underlying premise. In Boston, anyway, there is nowhere near 50% office space vacancy.

[MrsHyde]

Originally Posted by CrowGirl

I would challenge the underlying premise. In Boston, anyway, there is nowhere near 50% office space vacancy.

Why is that? I'm guessing most of the office work could be done remotely. Are some industries not doing remote work as much as others? The high vacancy rates are in tech-heavy cities like San Francisco.

[TMSRetired]

Originally Posted by MrsHyde

Why is that? I'm guessing most of the office work could be done remotely. Are some industries not doing remote work as much as others? The high vacancy rates are in tech-heavy cities like San Francisco.

Tech is laying off people. Inflation is taking it's toll

[briskwheel]

Nope, it's actually rural areas that are going extinct because as it turns out, most people don't enjoy living in the middle of nowhere.

Medium sized cities do seem like the best of both worlds. Most of the amenities of a big city but without the hassle.

[fibonacci]

No

[MJJersey]

People move in and out of cities in waves. There are many factors but a major one is how well the city is run.

[lovecrowds]

No, but I think that many big cities are going down-hill very fast and the Renaissance between 1995 to 2020 is over.

Many big cities just have skyrocketing crime rates, tremendous amounts of social unrest and are just not appealing places to spend the evening.

Many suburbs of large cities offer all the nightlife and amenities of a big city these days without all the negative social influences of these large cities.

The 1980s and 1990s generally were not a good time for a majority of big cities but their was a bohemian cool element back then that there is not anymore.

[Camaro5]

I doubt cities would go extinct, but if the current lawlessness continues, there's a good chance that they turn into Somalia or Kabul.

[naicha]

I think it is true that cities like, NYC have seen a lot of businesses leave in lieu of Work from home models.
Like mine. We are ALL remote. Our midtown office is a glorified machine room now and once that lease is done I bet we'll move it.

But enough remain to keep it going. A lot of finance is still hanging around midtown.

And with vacancies may come lower barriers for up and coming pioneers to fill the gap. Someone, somewhere wants to open their own business and if the price is right, they may bite.

People Do still live there, so all the amenities and supporting stores still have customers.
The city will persist, but the landscape will change as it always does.