With fewer people commuting into cities, they stand to lose their luster and reputation, as being the local epicenters of commerce, finance, media, entertainment, tourism and a vibrant social scene.
For example, New York City businesses are losing customers and revenue with people working remotely. The workers coming into Manhattan are spendingfrom Stanford University economist Nicholas Bloom’s WFH Research team. When business is down, tax revenue also declines. As a result, the city will have to cut back on municipal services. This means less hiring and accelerated job cuts to police officers, firefighters, sanitation workers, mass transit personnel, nurses and teachers.
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