Work from home

A bond-financed rehab of the downtown sports arena is receiving pushback.

Office sectors in some Southwest cities, including Houston, are stressed due to elevated vacancy rates that may lower assessed values and property tax revenue.

In the first half of the year, private-sector jobs in the Big Apple surpassed pre-pandemic levels as payroll gains outperformed the national growth rate. However, Mayor Adams says there is one big problem that "will destroy New York City."

"The overall tone of the budget is one of prudency, which is correct during this current period where federal pandemic aid is winding down and there are questions about whether we enter into a recession," said Howard Cure of Evercore Wealth Management.

"An increase in social distancing and remote work has resulted in growing vacant office space since late 2020. Office rents have also trended down and remained depressed into 2022," according to the Popular Annual Financial Report.

While the path back to pre-pandemic office life remains uncertain, a protracted remote work reality may be a harbinger for future credit rating downgrades of cities heavily dependent on commuter-driven revenues.

High gas prices usually have the biggest effect on leisure travel because drivers take fewer or shorter trips, Fitch Ratings says.

Most state departments and authorities would be required to offer a telework program of up to two days a week for one year starting July 1.

The Big Apple faces an uncertain economic future as many white-collar workers remain at home and the return to office movement takes hold only slowly.

Hopes that the pandemic has been curbed have dimmed as infections and hospitalizations are on the rise again due to the introduction of the extremely dangerous Delta strain. For some companies, this has disrupted their plans to bring remote employees back to their offices or institute a “hybrid” arrangement. While some are going ahead with their reopening plans. Join Danielle Caricofe, EVP, Chief Human Resources Officer at Machias Saving Bank and Hollen Spatz, VP of People & Operations at ClassPass as they discuss: (1) What companies should consider as they weigh their options; (2) The impact on employee morale and mental well being from this prolonged pandemic and how organization improve morale and support mental well being; and (3) How should companies rethink employee experience