this post was submitted on 29 Nov 2023
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The data does exist and shows one thing: the death of commercial property and long term leases accruing cost without creating value.
This is incompatible with capitalism and so it's working hard to eliminate the incongruence.
The funny thing is, it's compatible with capitalism, just people are either afraid of change or invested in the old ways.
Amazon would love a 1% increase in employee productivity, unless it means $500MM worth of lease breaking fees and shareholders grilling them for why they signed those leases in the first place. Or worse they bought the building, and now have to sell it at a big discount.
Everyone's invested in commercial real estate because it was a cash cow. Now the party's over, and rather than acknowledge that lots of people (and cities) have a financial incentive to try and keep the party going.
Of course the shitty thing is the big losers in all this are the individual people. The workers in a city lose when property values (and cost of living as a result) are so high they can't afford rent. The workers in a company lose when they have to waste time and money commuting. But nobody seems to give a shit about the little guy...