What happens to all those offices sitting eerily empty?
Covid 19 virus isn’t only a short-term problem. Even if we get a vaccine tomorrow, many commuters have found that they like staying home. JPMorgan Chase and Facebook both, prior to this, planning new Manhattan office towers are now saying people can work closer to home or at home.
Covid 19 virus isn’t only a short-term problem. Even if we get a vaccine tomorrow, many commuters have found that they like staying home. JPMorgan Chase and Facebook both, prior to this, planning new Manhattan office towers are now saying people can work closer to home or at home.
It has huge implications, too, for restaurants, stores, theater, hotels — all of which depend on business travel and on commuters spending a little extra time in Manhattan. Outer-borough restaurant and retail also depends on residents’ wealth — earned in Manhattan.
Any big change is a shock to the city’s tax system well beyond a few months. For its annual $66 billion in tax revenues, New York depends on high, and high-volume, property, income and sales taxes, all now imperiled. It could see double-digit adjustments, beyond what any one-year federal rescue can cushion.
It’s a shock to the region’s tax system. Just a thought.
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