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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Because the country cannot tolerate WFH.

Banks are sh!tting bricks right now about huge losses they would be on the hook for as commercial real estate values tank due to WFH. City govts across the country are also in deep dookie as they are losing massive amounts of tax revenue due to commercial real estate vacancies. Converting offices to living space doesn’t solve the problem either, because local govts get 2x the amount of tax revenue from commercial RE as they do from residential.

Biden is moving t push fir RTO because our banking overlords will losing trillions of dollars due to huge losses in commercial RE value. Tons of local govts will also go bankrupt and spiral into insolvency. SF has now blown up its budget and is running almost $1B in the red now.  DC warned the same, and is almost $500M in the red over the coming years due to huge losses in tax revenue from office vacancies.  Our entire stupid system is built upon RE speculation, thus when the model gets completely upended the country is now at dire risk for a massive black swan event that will crater the economy.  All it is going to take is one bank going belly up and citing commercial RE losses for an economic maelstrom to be unleashed.[/quote]

Oh please.  Federal employees working remotely do not have the power to tank the economy.  Lol!!!  The histrionics are hilarious.[/quote]

Clearly you missed what Bowser is crying about.  DC is in deep do with budget shortfalls starting in 2024.

She is desperate for feds to return.  The metro is also losing massive amounts of money due to wfh.

https://www.nbcwashington.com/news/local/cfo-warns-dc-tax-revenue-to-drop-by-464m-budget-cuts-to-follow/3289228/

https://www.politico.com/news/magazine/2023/01/20/bowser-biden-federal-workers-washington-dc-00078677

https://www.dcnewsnow.com/news/local-news/washington-dc/metro-projects-750-million-deficit-which-could-lead-to-reduction-in-bus-rail-service/

Anyone saying feds wfh aren’t problematic for DC and commercial RE is delusional.  This same kind of story is playing out across the country.  Commercial RE is in dire straits.  Once a bank collapses due to huge losses it will be contagion.  Localities are going to up sh!ts creek without a paddle as their tax base abruptly implodes, since they’ve built budgets based on commercial RE values that no longer exist. [/quote]

Well, some localities. Others are thriving with an influx of remote workers. Idk why we should disfavor those. [/quote]

YES!  Whenever this conversation happens, I wonder why it's so important that the Pot Belly Sandwich shop in DC remain afloat, while it's not important that the one down the street from my house does so.  There's an awesome little independent deli near me that has expanded hours and menu greatly over the last year, because a ton of people are now working from home and going to that shop to grab some food at lunch.  They've hired more people (actually having trouble hiring enough staff now), started delivery service, and now stay open later for ice cream service.  All of that is, at least in part, because more people are working from home.I'm sure that story is playing out over and over and over again across the country.  Why don't those businesses count?[/quote]

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