It may be a good thing for employees (like me) who prefer to work from home, but it's a very serious problem for the huge part of NYC's economy that relies on people commuting to work in the central business districts (Midtown, Wall Street, etc.) every day:
- Restaurants, fast food places, bars, etc.
- Mass transit - reduced ridership means less revenue, so there may need to be service and staff cuts.
- Commercial buildings - fewer jobs for maintenance and cleaning workers if nobody is working there.
- All city services, which depend on sales taxes (e.g., from restaurant meals), NYC income tax (fewer employed workers in the industries mentioned above), and property taxes (which are based on real estate valuations - if commercial rents drop due to low demand, valuations will go down).
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[ 3.3 ms ] story [ 53.3 ms ] thread- Restaurants, fast food places, bars, etc.
- Mass transit - reduced ridership means less revenue, so there may need to be service and staff cuts.
- Commercial buildings - fewer jobs for maintenance and cleaning workers if nobody is working there.
- All city services, which depend on sales taxes (e.g., from restaurant meals), NYC income tax (fewer employed workers in the industries mentioned above), and property taxes (which are based on real estate valuations - if commercial rents drop due to low demand, valuations will go down).