Urban doom loop
Van Nieuwerburgh gained media attention when he published two papers in 2022 on how remote work has created an "urban doom loop" in major American cities. [5] [6] [7] He argued that remote work makes office space less valuable,causes companies to move away and lowers a city's revenue from real estate taxes,subsequently leading to a reduction in public service investment and provision. People working from home also leads to lower urban foot traffic and less retail spending,resulting in a relative increase in urban homelessness and crime,which makes people feel unsafe and leave the city,damaging the city's revenue stream and perpetuating the vicious cycle. [8]
He also saw working from home as the new normal,and forecasted "broader implications for investors in equity and debt markets,productivity and innovation,local public finances,and the climate." [9]
Van Nieuwerburgh argued that between 30 and 40 percent of New York's office space could be turned into "wonderful housing" to make the city more attractive and ease the damage from remote work. [10]
The doom loop has been used to describe many cities,including St. Louis. [11] [12]
This page is based on this
Wikipedia article Text is available under the
CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.
