Hold on Tight: How NYC and State Must Prepare for the Possible Implosion of Commercial Real Estate Values
New York Daily News, Oct. 2, 2022–Editorial Board
As those who got used to working from home refuse to return five days a week — and businesses shed the expensive Manhattan footprints giving every employee a desk — the value of America’s costliest real estate is likely to crater. That means that commercial property tax collections, which account for a fifth of all municipal revenue, may soon crater, too.
https://www.nydailynews.com/opinion/ny-edit-nyc-real-estate-cliff-20221002-zkzwuoabvbhgve4fezof22jsiu-story.html