I like how this is finally acknowledging WFH as something that is here to stay but I’m not sure I understand the connection with the housing crisis. From the article:
New York’s famous Flatiron Building will soon be converted from empty offices into luxury residences
Luxury apartments in premium locations is the first thing I would think of too if I were a developer, but their target buyers don’t sound like the sort of people who currently suffer from the housing crisis. But maybe I’m wrong and there will also be developers converting less prestigious office space into affordable housing…
The other thing I don’t get is this: I don’t know Manhattan but I did work in some (I assume) similar business hubs in the middle of overpriced cities and I wonder: are many people going to want to live in expensive converted office spaces if they don’t work near there any longer? I mean if they were given the chance to WFH from anywhere would they still choose Manhattan? Honest question and maybe the answer is yes, because of the restaurants, culture, good schools or whatever… I would personally make different life choices if I could work completely remote, though.