That fact is, New York will change; there is no way around that. But it’s changed before. Change itself is a New York staple.
at all of those office towers, still empty despite lockdown being lifted two months ago, and I see an opportunity like nothing this town has ever seen before.
Our legendarily absurd rents, especially here in Manhattan where even someone living in a run-down one-bedroom on the edge of the Bronx costs $2000 a month, are driven by a housing crisis we’ve been in since 1946. There is simply not enough residential space anyone can afford to actually live in. A makeshift rental economy operates openly as lessees rent out empty spaces to newcomers who can’t find a place of their own just so they can afford their cramped apartment.
The real estate market in NYC is facing potential freefall, driving land values down for the first time in a decade, a trend that is virtually certain to continue for some time. Why not embrace that and lean into it, and rebuild to make New York the city of choice for even remote workers? Imagine with me for a moment an Empire State Building in the year 2030. It’s still likely the most famous skyscraper in the world, but it’s almost entirely residential. It’s relatively pricey—it’s the, for heaven’s sake—but it’s also been built with the remote worker in mind. It has on-site IT services and ultra-fast internet. There are shops offering office equipment and supplies.
Not only that, but even though your company doesn’t maintain a sizable office presence, it’s still where they’re headquartered. That means you have access to face-to-face meetings with your bosses, and heck, most of the company lives in the city anyway, clustered in midtown skyscrapers, while artists and musicians reclaim a West Village no longer pricing them out.
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