Does downtown deserve a comeback?
The downtowns of America’s biggest cities are facing a crisis as thousands of office buildings sit vacant. They were abandoned first by occupants forbidden from gathering during the Covid pandemic — and they remain empty as many took a liking to remote work that enables them to “stay home in [their] pajamas all day,” as New York City mayor Eric Adams describes it. Building owners are no doubt panicking as the value of their real estate continues to plummet, as are those affected by all the lost tax revenue. (A recent study, “Work from Home and the Office Real Estate Apocalypse,” found a 39 percent decline in long run value of New York City offices.
