Notwithstanding the obvious outrage of renters, the question is:
On, the surface, it doesn’t make any sense:
1) If the office space in NYC is only 30% occupied!
2) if the crime rate is 45% than 1-2 years ago?
Well, people suggest a litany of familiar gripes (greedy landlords, making up for the lost income in 2021-22) – none of these is economically logical.
My hypothesis is that people traded UP in size given that most of them at least partially work from home, i.e.:
1) office workers needed an EXTRA bedroom to be used as an office
2) that increase in the apartment rent can be EXPENSED for tax reasons
Does this imply that down the road, some office space would repurpose into apartments and condos?
(like, Waldorf Astoria or Plaza Hotels were converted into condos before the pandemic)?