Exactly, in New York City, corporations are reducing their footprint. They still have addresses in the city, but they are keeping many workers home, so they are leasing half the space. The net result? Commercial rents are down 13%, and those savings are locked in for three to five years. Probably see a conversion of office space to residential where it is possible. President Biden is wanting to ease up on zoning rules so that it is easier to build residential anywhere.
Thomas Sowell: There are no solutions, just trade-offs.
