Expert Warns of Doom Loop Crisis for NYC Commercial Real Estate
• Columbia professor warns of 1970s-style "doom loop" crisis hitting NYC due to remote work exodus • Almost 20% of NYC offices now sit empty, hemorrhaging money and shrinking the tax base • Federal money propping up commercial real estate sector is running out, defaults loom • Struggling properties can't pay debts or taxes, hurting city budgets across the board • Self-perpetuating cycle of falling property values, less public spending, more vacancies