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And then they lay off 25% of the workforce. The executive class's mindset resembles insanity.
Remember folks, your preparation/travel time and budget for commuting to and eating at work is a free subsidy to both your employer and business real estate companies that is coming out of your life/pocket.
Plus all that foot traffic in the business districts, where nobody lives btw because of dumb zoning laws, will increase the real estate value because of the ancillary businesses that arise in that district to serve that stream of people.
When people stop going into those business districts those smaller ancillary businesses, like the shops and restaurants, will of course go bankrupt first. Which in turn will lower the value of those offices. And since the companies that own those building are using that real estate value to secure loans, they will be put at risk. It’s basically a house of cards that will collapse. Simply because people are working remotely and outdated zoning laws.
It’s why San Francisco’s business district is turning into a ghost town.
Well put. I hope this reconfigures cities to be more people oriented and forces better zoning.