Posted on 02/14/2023 6:54:25 PM PST by MinorityRepublican
The shift to remote work is costing New York City more than $12 billion each year.
Office workers are spending $4,661 less per person in the areas near their offices than before the pandemic began, according to a Bloomberg analysis of a Feb. 12 WFH Research study.
The Big Apple has seen the largest reduction in spending across the country, with a deficit of $12.4 billion a year.
"Less spending by workers in the central areas means a lot less sales tax revenue," Jose Maria Barrero, a professor at Mexico’s Instituto Tecnologico Autonomo and a member of the WFH Research group, told Bloomberg. "If you have fewer commuters, that means less revenue."
That figure was calculated by multiplying the annual inflation-adjusted loss in spending per worker by the U.S. Census Bureau's nearly 2.7 million commuters and residents who worked in Manhattan in 2019.
WFH Research said that, in order to reach the report's conclusions, the group had obtained current working-from-home rates from the June to November 2022 Survey of Working Arrangements and Attitudes waves and computed the average amount of post-COVID work-from-home days. It also estimated the reduction in person days on business premises as work-from-home rates, as well as the annual loss in spending.
(Excerpt) Read more at foxbusiness.com ...
Libs never think in terms of how much the individual is saving in WFH.
This is a good development.
You won’t think so when Deep State picks your pockets to keep the city from going under.
Law of Unintended Consequences. That’s what you get for total lockdowns.
And ZERO GAFs are available. It is EXACTLY what is deserved.
Spending an hour driving into a city and sequestering into a hive for 9 hours is becoming a thing of the past. People need to get this through their heads.
Offices will continue to exist but will not be the dominant form factor.
1980’s and 1990’s ? Were the best time.
Yep.
great news
Exactly- left NY chitty fall into the abyss of the third world craphole where it belongs.
This is a fantastic development. Perhaps some NY’ers will wake up. Some, not so much.
Its not just lock downs- its the vax mandates. Up until last November you could not go work in a private office in NY chitty unless you had taken the Kung Flu vax.
So for now the workers are saving $4,661.00 each.
Should be enough to buy a few eggs in Bidens inflationary economy.
They had best put as much as possible into savings, these are the jobs that will be eliminated by AI first.
Ummmm, didn’t some of New York’s remote workers move to Florida? Like really really remote.
MCB!
Didn’t know you were back! :)
What, exactly, does NYC do to earn its cut?
I was admonished by Management.
Not band like Hummblegunner. 👍
Whom I miss greatly.
Taxes always trump everything.
Won’t even take AI. Why would a company continue to pay original NY office based salaries, when the company could pay 1/3 for Dubuque Iowa salaries? Or a tenth in some other country?
This work from home is going to be a disaster for the average employee. They just don’t know it yet, but it’s coming.
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