"New York City Enters 1970s-Style 'Doom Loop' as Urban Prophet Predicted"
Columbia Business School professor Stijn Van Nieuwerburgh, known as the "prophet of urban doom," predicts a 1970s-style "doom loop" for New York City due to the impact of remote work on real estate and public finance. With nearly 20% of office spaces sitting empty, the city's tax base is shrinking, potentially leading to a self-perpetuating cycle of declining property values, reduced tax revenue, and struggling banks. This could affect everything from housing values to public services budgets and the crime rate, creating a severe urban crisis over the next three to five years.