Posted 10/6/2023, 6:31:03 PM
Remote Work Exodus Threatens Major US Cities With Declining Tax Revenue and Cut Services
- Mass migration, empty offices, and declining tax revenues threaten major US cities like NY and San Francisco
- Remote work prompted employees to relocate and businesses to cut office leases, reducing city tax revenues
- Less tax revenue forces cities to cut spending on public services and amenities
- This makes cities less attractive places to live, fueling migration and vacancies in a downward spiral
- To avoid fiscal trouble, cities need solutions for vacant offices and commercial real estate debt held by banks
