So if your employer tells you to work for $8/hour, it’s outrageous for you to say “Hell no!”?
The damage done to surrounding and support businesses is incalculable.
This is probably the biggest reason why these major investment banks are pushing employees to come back into the office. They don’t give a damn if the employees are less productive in the office. What they REALLY want is their employees to patronize business establishments around the office building. Companies like JP Morgan and Goldman Sachs have underwritten billions of dollars worth of commercial mortgages in New York City, and they can’t have the landlords defaulting on those loans as their retail and office tenants go out of business.
If an employer wants me to work for $8 I don’t take the job. It’s his right to set the terms, it’s my right to reject those terms. If you don’t like your employers terms go work for someone else. If you have them over the barrel now you won’t in the future.