Manhattan Workers Are Spending $12.4 Billion Less Than Last Year

A recent study found that workers in Manhattan are spending $12.4B less than last year on meals, shopping, and entertainment near their offices. The author says this is due to remote work as workers are spending 30% less days in the office. This impacts local businesses that cater to office workers but also city tax revenue.

Based on consumer spending, it’s unlikely that this money is being saved, just spent elsewhere.

Read Remote Work Is Costing Manhattan More Than $12 Billion a Year from Bloomberg.

See also:

  • Remote Work Is Now a Union Negotiation Item

    New York City’s largest union, District Council 37, is in the midst of negotiating a five-year deal that includes, among other things, protections for remote work. This is the first time I’ve read about large scale union negotiations that talk about remote work and, for NYC with it’s high vacancy rates, remote work could drastically improve staffing.