Feels like a new era of some big changes in relation to city planning. Cities will have to build housing to account for the loss in tax base of commercial real estate.
Feels like a new era of some big changes in relation to city planning. Cities will have to build housing to account for the loss in tax base of commercial real estate.
The level of traffic remains the same because the biggest incentive against driving is the traffic. Therefore, the traffic will always remain at the highest tolerable level, unless additional disincentives (such as congestion pricing) are introduced. This is commonly known as induced demand.
I can believe that. I think I've only taken the train in once. (Not because I was avoiding it but because it didn't align with my schedule.) And there were a fair number of empty seats at the point it would have probably have been standing room only pre-pandemic. But sample size of one and this was a number of months ago.
That said, my overall observation is that things are probably closer to back to normal than in some tech industry bubbles.
Think of all the trades(mechanics, construction, plumbing, builders, etc). Think of all retail workers. Think of manufacturing.
That's already well more than 1/2 the jobs out there, and there are more.
I would be surprised of more than 10% of people, are wfh.
The percentage numbers don’t quite tell the whole story, either. There are two million daily riders missing.
A large office space would need walls and a lot of plumbing work to convert to apartments (and probably a lot more electricity to power multiple kitchens full of appliances).
I view this as an "outrunning the bear" situation. I.e. you don't need to run faster than the bear, just run faster than your poor friend.
The cost to convert an office tower into apartments is high I'm sure, but is it higher than building a similarly-sized apartment tower from scratch? A lot of money goes into the foundation works and soils engineering.
Anyway, you can convert some of them, but it's not an easy journey!
It probably will work.
A better world is possible, and it's actively sabotaged by entrenched interests.
I've been at Microsoft and now Amazon; they're both extremely remote friendly. Offices have been largely empty so they've not renewed most of the expiring leases.
Some functions still need to be performed in-person so they'll have some space but no longer the everyone comes to office to put on noise cancelling headphones to work individually mostly. And even that space is getting distributed across the country and not concentrated in SF/Seattle