Wall Street Firms Consider Moving Jobs from NYC, Study Says

[brooklynite]

Bloomberg

Work from home and the reduced need for employees in New York’s financial and professional-services industries have prompted some companies to consider paring their presence in the city by at least 20%, according to a study on the economic impact of Covid-19.

About one in four office employers intend to reduce their footprint by at least a fifth, and about 16% expect to move jobs out of the city, according to the Partnership for New York City, an influential group composed of corporate chief executives, which enlisted over a dozen consulting firms to work for free to conduct the study.

Companies also expect only 10% of their employees to return to the office this summer and just 40% by year-end, according to the survey, which was conducted in May and released Monday.

The study estimated that city and state tax revenue losses may exceed $37 billion during the next two years, as the state’s economic output drops 7%. The city’s economy could shrink as much as 13% this year.

[Odoreida]

1. They've had contingency plans since the Cold War.

It's just a question of implementing it.

[jimfields33]

2. I think this is an idea that should be asked by all companies in NYC

These virus’ are not going to end with this one. We’ve not been good to our environment and we are starting to see the result. With a chance of New York being under water or continued virus’, it’s a good idea to keep a small group and others move out of city or work at home.

[edhopper]

3. NY is doing better than many other cities now

It is also working on climate change more than other cities in Red States, like Miami and Houston.

[Blue_true]

5. Where are they going to go?

Texas, Florida, Alabama, Georgia, North Carolina, South Carolina? All those places are going to have most of the big cities underwater right along with NYC when the Oceans rise. Didn’t you see the pictures of ocean fish on I95 in North Carolina two years ago? I95 is pretty far inland, and one storm flooded it, imagine what climate change would do. Most of the major cities in North Carolina and South Carolina are east of the north-south spine that runs down I95. Florida is about 160 miles wide at the widest point, with all the state exposed to large bodies of deep water.

Those companies can move to the Plains states and flyover country, but not many young people want to live in those places. There is also the Mississippi and connected rivers that run through some of those states. When the oceans overflow, the rivers will back up and overflow upstream.

[MichMan]

4. Good, probably makes the employees much happier

[not_the_one]

7. That depends...

This observation is based on NYC getting back to normal, or as close to normal as possible....

Are you someone with money, who doesn't have to take a bus or subway, but calls a car, to any restaurant you want to go to, or any club, at any hour? Do you like city night life? Do you enjoy Broadway? Do you like visiting some of the most fantastic museums in existence?

Living in Manhattan is a trip. I lived there for 18 years, but I didn't have the money to experience it to its fullest. There is an energy there that you will find nowhere else. It literally hums with energy. Most people either love it or hate it. I loved it. Frank or Liza singing New York, New York, literally gives me chills. (How is THAT for an earworm?... )

I am retired now, and can't afford the rent. Believe me, I did not want to leave, and doing so was a PROFOUND culture shock. I purposely moved so that I could enjoy some really beautiful nature (I see deer in my yard daily, but I DO miss pizza rat), yet still return to get my "fix" in under two hours. I now have to worry about actually living amongst trumphumpers.

But the Wall Street crowd, with their riches, more than likely won't want to give it up. And I certainly can't blame them.

[Blue_true]

6. Maybe the rents will go down and enterprising capital limited companies

won’t be spending precious funds on high rents. The change could lead to a burst of innovation which transforms NYC into more of a technology hub than it is now.