ETA: for my cohort, I am incredibly fortunate to own my own home, which we bought in 2009, within commutable distance of DC. People my age typically cannot buy homes anywhere near DC. You are asking them to take jobs that will require raise their families in situations that they wouldn’t choose and won’t, because they have better options. |
Hi. I’m the poster in the government just over 20 years. I’m 44 years old and joined in 2002, looks like someone who joined in the 80s agreed with me. I’m not yet eligible for federal retirement yet but I’m guessing that when I retire at 57 things will still be the same. |
No. I never said it would. I said it has an impact on the economy as a whole. Do you not think that these "CRE interests" that you admit are at play have any impact on the broader economy? I am suggesting that the federal government, full of agencies that are charged with collecting and analyzing information about employment, environment, and the economy among other things (done by these qualified and dedicated federal employees) and then making complex policy decisions based on weighing pros and cons (also done by federal employees) is more likely to make decisions based on a a broad set of factors including the effect on the economy. Certainly more likely than a naked "wealth transfer" (to whom, exactly?). |
What I’m familiar with is the notion that agencies are supposed to avoid “waste, fraud and abuse.” Spending too much on a downtown lease goes against that basic tenent of federal spending. In fact my agency (CFTC) came under a ton of fire for it. Criticizing agencies for spending too much on leases used to be the thing to do, and now we’re supposed to believe that the highest and best use of federal dollars is to maintain the most expensive office space downtown for reasons unrelated to the agency’s actual mission? |
People come and go. Every vacancy we have we are still getting hundreds of apps. You are not as important as you think. I am a WFH supporter, but I wish people stop using "people will leave" threats. Discussions, whether you support or against WFH or RTO, should be based on valid reasons and merits. |
We are hiring and it is very slim pickings. And we are locking at 50% turnover in my particular office soon between retirement and people leaving for greener pastures. |
Fine. Show me any studies about the negative impact of WFH on the broader than DC economy. Everything I’ve seen is saying the opposite of what you are saying. The economy is growing faster than expected. |
https://fortune.com/2023/05/25/office-space-crash-harder-than-expected-remote-work-economy-cre-crash/ https://www.gao.gov/blog/empty-offices-increase-risks-banks-lending-commercial-real-estate https://www.washingtonpost.com/technology/2023/06/12/office-real-estate-san-francisco/ |
These are all articles about the impact on a very narrow and specific part of the economy—CRE. Not a look at the impact of WFH on the larger economy, you need to make that case. And then make the case that feds returning to office will make any difference at all outside of DC. |
See I really don't need to make the case for anything. My contention was that the federal government policy is set by taking broader economic conditions into account, along with other things. This policy decision will have an impact on the economy. |
The ask was for information on "the negative impact of WFH on the broader than DC economy." These articles answer that ask. |
"“If office and retail owners are having trouble generating rental income because people just aren’t going into the office and shopping, then it increases the odds that they aren’t going to be able to pay back those loans in timely way,” said Mark Zandi, chief economist for Moody’s Analytics. “That means losses will start to mount on those loans. And because the banking and financial system more broadly is already struggling with lots of other problems … there’s going to be more banking failures.”" |
How will feds returning to the office change anything for the broader economy? |
NP but the data shows that NYC has a slightly but not materially higher occupancy rate than DC (DC at 44% and NYC at 46%). Houston, Austin and LA are the only major cities that are materially higher (55-60%) |
See, data. It tells the story. Things have changed. People need to adjust and stop hoping for magic wands. RTO for feds will not change anything! Convenient to scapegoat feds as a usual. |