A recent study has indicated that Manhattan businesses are losing at least $12.4 billion per year when compared with earnings before the COVID-19 pandemic. Hybrid office schedules, where employees work from home two days a week or more, generally on Mondays and Fridays, are costing local businesses a loss of revenue as there is a slump in sales. This in turn affects the sales taxes collection in New York City, which affects the amenities provided by the Big Apple.
Stanford University economist Nicholas Bloom calculated the losses. His WFH Research group noted that Manhattan workers were spending roughly $4,661 less per person in areas close to their offices. The study, reported by Bloomberg on Sunday, noted that this loss in Manhattan was the highest loss per employee in the nation. Most offices have seen a 32.9 per reduction in the number of days where employees work in offices or on the job site.
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According to the outlet, Jose Maria Barrero, who is a professor at Instituto Technologico Autonomo said that workers spending less in the central areas resulted in less sales tax revenue. The professor, who is a member of the WFH Research group, also said fewer commuters meant less revenue.
Brad Lander, the New York City Comptroller said that this trend represented a risk to the tax revenue that was essential to maintain high-quality services in the city,
He told Bloomberg that it would be difficult “to figure out how to capture enough value” so that they could do all the things that really mattered including maintaining the subways, investing in schools and keeping New York City safe and clean.
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The members of WFH Research group used the US Census Bureau’s estimate of the number of workers based in Manhattan as approximately 2.7 million, as per 2019 data. They multiplied the annual inflation-adjusted loss in spending per worker and reached the figure of approximately $12.4 billion per year.
Bloomberg also cited data from analytics firm Placer.ai that reported that foot traffic at eight major Manhattan office buildings decreased by 45 percent on Mondays and by 52 percent on Fridays, when compared with data from 2019.
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