Critics warn that remote work could lead to a revenue shortfall for Manhattan.
Hybrid office schedules are bleeding the Big Apple’s coffers of billions of dollars as employees continue to work from home, according to the results of a recent study.
“Less spending by workers in the central areas means a lot less sales tax revenue,” Jose Maria Barrero, a professor at Mexico’s Instituto Tecnologico Autonomo and a member for WFH Research group, told Bloomberg. “If you have fewer commuters, that means less revenue.” The researchers compiled the figure by multiplying the annual inflation-adjusted loss in spending per worker by the US Census Bureau’s estimate of approximately 2.7 million Manhattan-based workers in 2019.
Data shows that office attendance – and employee spending – plunges on Mondays and Fridays, when many employees are working from home.
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