Remote work costs NYC over $12B annually

More than $12 billion is lost annually in New York City as a result of the remote work trend.

According to a Bloomberg analysis of a WFH Research research from February 12th, office workers are spending $4,661 less

per person in the neighborhoods around their offices than they were before the pandemic started.

With a $12.4 billion annual deficit, the Big Apple has experienced the biggest drop in spending nationwide.

According to Jose Maria Barrero, a professor at Mexico's Instituto Tecnologico Autonomous and a member of the WFH Research group,

less spending by workers in the core districts equals a lot less sales tax collection." "Lower commuter numbers translate into lower revenue."

The amount was determined by dividing the annual inflation-adjusted loss in spending per worker by the almost 2.7 million

commuters and residents who worked in Manhattan in 2019 according to the U.S. Census Bureau.

According to WFH Research, the team used current working-from-home rates from the Survey of Working Arrangements

and Attitudes waves conducted from June to November 2022 and calculated the typical number of post-COVID work-from-home days to arrive at the report's results.

It also evaluated the annual loss in spending as well as the decrease of person days on firm premises due to work-from-home rates.

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