He clearly doesn’t like the flexible-work revolution — but in a tight labor market, he could only hold out for so long.
In the short term, this spells trouble for government revenues and the services they pay for — a legitimate reason for concern on Adams’s part. “Researchers havea 40 percent drop in office market value as office towers sit partially empty, which they estimate would cost $5 billion in lost tax revenue, or 5 percent of the city’s annual budget,” Bloomberg reports. “New York’s future sales tax revenue could also diminish as half-empty office buildings drive sluggish spending.
There has been a rise in business activity in neighborhoods outside of the midtown and downtown business core — employees are shopping and dining closer to home — but overall economic activity is down. Many out-of-town business visitors, for instance, are making shorter, midweek trips , because offices tend to be empty or short-staffed on Mondays and Fridays.
While Adams insists that his thinking on working from home hasn’t changed, the demands of a tight labor market appear to have sunk in and led to his pivot on the issue. “My personal beliefs cannot get in the way of running the city of this level of complexity,” he told reporters in February. While describing himself as a “seven day a week in the office” person, he acknowledged, “that’s not the reality of the universe we’re living in right now.
Adams seems to have reluctantly stopped fighting against the work-from-home revolution, perhaps sensing that the battle is already over. That means no more brusque memos or public taunts of city workers to quit sitting around in their pajamas. As much as he probably disliked giving this ground, the mayor knows he can’t keep his bold promise to #GetStuffDone if there aren’t enough people around to do it.Daily news about the politics, business, and technology shaping our world.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tayshia Adams holds hands with ‘Summer House’ star Luke Gulbranson amid dating rumorsThe reality TV personalities first sparked dating rumors weeks ago when their Instagram handles were both tagged in an Instagram Story at the same bar.
Read more »
Tayshia Adams and Luke Gulbranson Spark Dating Rumors After Holding HandsNew reality power couple? Bachelorette alum Tayshia Adams and SummerHouse's Luke Gulbranson sparked romance rumors after they were photographed holding hands.
Read more »
Mayor Adams and NYPD roll out high-tech crimefighting tools in Times SquareThe NYPD and Mayor Eric Adams are reintroducing the NYPD's robotic police dog and piloting two other technologies: the K5 Autonomous Security Robot and the StarChase GPS system.
Read more »
NYPD, Mayor Adams unveil robot police dogs in Times SquareRobots will now take their place beside the city's men and women in blue. Mayor Eric Adams said Tuesday he's combing the world for the latest technology to put the NYPD at the forefront of fighting crime. MKramerTV reports.
Read more »