Tech
Should Workers Return To Major U.S. Cities?
A cost-of-living crisis is unfolding in U.S. major cities. Inflation data shows that costs for items such as rent and groceries are increasing quickly across the Sun Belt and coastal superstar cities. Now years removed from the darkest days of the pandemic, people are asking: Is a return to the city worth it? Metropolitan regions have sprawled in recent years, raising budget concerns and quality-of-life issues for the people who remain downtown. Meanwhile the absence of commuters is slowing the recovery in leisure and hospitality.
Many renters believe that a cost-of-living crisis is brewing in America’s major cities.
New York City is showing up as a hotspot of rent inflation. The average rent for 1-bedroom apartments in Manhattan rose to $3,995 a month in May 2022 — a 41% increase from one year ago, according to Zumper.
Sudden, double-digit rent spikes are hitting other hubs, including Chicago, Los Angeles, and Austin, Texas. Zumper data shows that growth is particularly strong in Sun Belt cities such as Miami, where rents have risen to $2,700 a month in May 2022, a 64% increase from a year prior.
During the pandemic, workers left the largest U.S. cities. Two years in, renters have returned but many commuters haven’t as companies negotiate the particulars of a return to the office. Public officials are concerned about lagging transit ridership in cities such as New York.
Ed Glaeser, an economist at Harvard University, says cities are becoming more important — not less — in the age of remote work. “When you Zoom to work, you miss the opportunity to watch the people who are older, to watch what they’ve done and to learn from them,” he told CNBC in an interview.
But for renters, a return to increasingly expensive cities might seem like a raw deal, especially if they can do their jobs from home.
Researchers say remote work limits firms’ ability to train new workers. Data produced by Microsoft’s workforce suggests that it is more difficult to share in-depth information remotely, which can produce silos within companies’ rank and file.
“A lot of these tech companies, they’re saying you can work remotely,” said Andra Ghent, a professor of finance at the University of Utah. “But, you know, in many cases, they’re also saying, like, we’re not going to pay you quite the same amount.”
Many renters believe that a cost-of-living crisis is brewing in America’s major cities.
New York City is showing up as a hotspot of rent inflation. The average rent for 1-bedroom apartments in Manhattan rose to $3,995 a month in May 2022 — a 41% increase from one year ago, according to Zumper.
Sudden, double-digit rent spikes are hitting other hubs, including Chicago, Los Angeles, and Austin, Texas. Zumper data shows that growth is particularly strong in Sun Belt cities such as Miami, where rents have risen to $2,700 a month in May 2022, a 64% increase from a year prior.
During the pandemic, workers left the largest U.S. cities. Two years in, renters have returned but many commuters haven’t as companies negotiate the particulars of a return to the office. Public officials are concerned about lagging transit ridership in cities such as New York.
Ed Glaeser, an economist at Harvard University, says cities are becoming more important — not less — in the age of remote work. “When you Zoom to work, you miss the opportunity to watch the people who are older, to watch what they’ve done and to learn from them,” he told CNBC in an interview.
But for renters, a return to increasingly expensive cities might seem like a raw deal, especially if they can do their jobs from home.
Researchers say remote work limits firms’ ability to train new workers. Data produced by Microsoft’s workforce suggests that it is more difficult to share in-depth information remotely, which can produce silos within companies’ rank and file.
“A lot of these tech companies, they’re saying you can work remotely,” said Andra Ghent, a professor of finance at the University of Utah. “But, you know, in many cases, they’re also saying, like, we’re not going to pay you quite the same amount.”
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@chrishi3358
January 9, 2024 at 1:42 pm
When the everything bubble pops, big cities will be the worst place to be.
@chrishi3358
January 9, 2024 at 1:42 pm
Real estate prices are artificially high because the privately owned US central bank, the Federal Reserve owns about 1/3 of US mortgages through Mortgage Backed Securities (MBS).
@AlexZ-lc6nl
January 9, 2024 at 1:42 pm
The older I get the more I realize its a prospective choice influenced by personality, family and culture. People always use the excuse that they pay more in the city…and they do. BUT, they also take more out of rent in the city and you end up making less. The glamour of city living is mostly driven by young single professionals who want to be on the scene and others who have family or grew up embracing that culture (like a migrant from Lima, Peru knowing nothing but public transportation, sounds and chaos). However, money can be made anywhere in America and I would argue rural and suburban areas away from major cities are where the real goldmine is at. Most home owners have stronger fiscal spending power, with kids, and thinking of stability and family. That means, if they can drive 14 mins to the
localstore/barber/doctor for a need or good, they will do it and gladly spend. Yes, life wont be as “fun”, but that’s a matter of prospective. I’m 25 and I wish very much to land my dream job outside the city and leave and never ever EVER move to a major metropolis ever again. More cons than pros in my opinion.@ytfeverguy8367
January 9, 2024 at 1:42 pm
The term "Straphanger" should be replaced with….
@jonhearth2102
January 9, 2024 at 1:42 pm
Ik this is American cities but Toronto just announced that anyone 30 and below cannot afford Toronto financially at all because of how damn expensive it is.
@albertwoodeasy9021
January 9, 2024 at 1:42 pm
Pros and cons together means some benefits and some will lose productivity, but it sums up the Japanese work live syndrome of the last 3 decades, a reduction of productivity period.
@thomasfields7902
January 9, 2024 at 1:42 pm
For whosoever shall call upon the name of the Lord shall be saved. (Romans 10:13)
Let the wicked forsake his way, and the unrighteous man his thoughts: and let him return unto the LORD, and he will have mercy upon him; and to our God, for he will abundantly pardon. (Isaiah 55:7)
When Jesus heard it, he saith unto them, They that are whole have no need of the physician, but they that are sick: I came not to call the righteous, but sinners to repentance. (Mark 2:17)
@danielpeterson2702
January 9, 2024 at 1:42 pm
YouTube and Google is cheap info that is flawed.
@sunshineimperials1600
January 9, 2024 at 1:42 pm
Workers should not return to cities. In fact, cities don’t have a reason for existing anymore beyond occupying the goal of simply existing for leftists to say that cities are better for the environment, which they are not. Cities are obsolete now, and people who work from home want to have larger and more affordable dwellings, which are vastly more common elsewhere. This is why cities such as New York are becoming more aggressive in law, since the inner cities know that their time is over, begging and bribing large firms to stay, since cities cannot sustain themselves. This is why the war on cars exist; because cities know they cannot sustain productive workers, and then try to force people to stay in the city.
@purple.captures213
January 9, 2024 at 1:42 pm
the cities are building depressed Americans, who over work themselves not to be out-hustled very sad, yet laughable at those who stick through this mentality
@jjn6914
January 9, 2024 at 1:42 pm
They conveniently overlooked the big body of data that shows in-office settings equal lower productivity, where office workers actually only work about 5 hours a day, and 3-4 hours is spent on water cooler, non-work related chit chat. No, thanks. I'm glad I can skip the insipid social aspect and produce 3x the amount of work working remotely.
@darynhanson2095
January 9, 2024 at 1:42 pm
In a word, "No!"
@NewYork7914
January 9, 2024 at 1:42 pm
New York is the city only for the rich and famous ppl. The most crowds are hard working ppl who are hardly make ends meet.
@CM-oy2kd
January 9, 2024 at 1:42 pm
There’s no place for them!! That’s not a place for the working class!! If you go to big tourist attractions you will see the workers are bused in!!
@PatrickBatefan
January 9, 2024 at 1:42 pm
No never ever
@AnhTuPhucDerrickHoangCanada
January 9, 2024 at 1:42 pm
Is this not gentrifica tion?
@pedrocardozo7950
January 9, 2024 at 1:42 pm
No
@shmutube
January 9, 2024 at 1:42 pm
Although cities are great and I recommend living in them as a great experience for some portion of your life, I really think there should be a maximum population density above which a municipality should be fined/ taxed by the state or federal government. Especially in this age of communicable diseases leading to pandemics. ALSO, not everyone pursues an occupation or career in which the industry capitals are in major cities.
@AlexaThinks
January 9, 2024 at 1:42 pm
Turn all that office space into housing.
@craigenputtock
January 9, 2024 at 1:42 pm
No. Stay away. NYC has become a Democratic violent trash heap
@roythousand13
January 9, 2024 at 1:42 pm
Question: Should workers should return to major cities?
Answer: Hell No! Major Cities are the cesspool of humanity.
@tessfromtheu.s256
January 9, 2024 at 1:42 pm
The people they interviewed for this have mental issues…..why would want to live in fear of losing your place and the benefits are people and hustle…..clearly they have no kids or children or families to understand life is plenty without fear and living like a sardines ….
@hermanrogers1325
January 9, 2024 at 1:42 pm
So this is why I get so many texts and emails and phone calls from this city everybody hustling a scam just to live in NYC I am down in the south and I don’t know any one from NYC so I don’t answer the phone calls
@jacobw.1518
January 9, 2024 at 1:42 pm
No.
@FINSuojeluskunta
January 9, 2024 at 1:42 pm
Remote has made the big cities struggle because only dual income families late into their careers with equity or saved money can afford to stay there permanently. On the flip side a lot of medium sized cities are now overfilled and you have remote jobs rising rents and home prices when there's realistically no good employment in that city.
None of the underlying problems are solved. Theyve just been smeared out across larger areas with less intense concentration
@ryanfrazier8153
January 9, 2024 at 1:42 pm
"There's just nowhere else where you can access this many people, jobs, networks, outside a big city… except the Internet. Big cities and literally anywhere with Internet."
@jonmunch3298
January 9, 2024 at 1:42 pm
Sure, let's live in a crime ridden filth hole.
@elvistolentino.8047
January 9, 2024 at 1:42 pm
The only thing I like from NY is the Yankees😁. Everything else👎👎👎👎👎👎👎👎👎👎👎👎👎👎👎👎👎 you name it.👎
@KingLarbear
January 9, 2024 at 1:42 pm
Yeah the cost is wild
@rytiskurcinskas7179
January 9, 2024 at 1:42 pm
You dont need to watch the video, i have a simple anwser to this question : NO, HELL NO, NO WAY, F NO
@alotofmore
January 9, 2024 at 1:42 pm
“You can never become complacent” ya same can be said for inflation, climate impact, or political polarization as a result of overly ambitious capitalist forcing their narratives on everyone. We did not ask your 4K rent, people like Pierre clearly want it like that.
@material___
January 9, 2024 at 1:42 pm
Uhm, yeah it keeps you hungry. Because you can barely afford food with $4,000 rent!
@ryanfitzalan8634
January 9, 2024 at 1:42 pm
its funny that work from home, for those who can do it, is almost always better and preferable. That is an employee empowering premise, pro labor premise. but even the liberal leaning media is scared S#$%less of the notion of what that change to work from home will do to cities and the economy. Its a car centri economy, oil centric, commuter centric. The intensive effects of a full transition to mostly work from home office jobs, would seriously effect potential recession and serious collapse of globalism.
@belle2263
January 9, 2024 at 1:42 pm
But why would you want that many people in one spot anyway? Spreading viruses, pollution etc…. rubbish…..spread out is better and it's not the end of coffee shops and businesses…..they will be there just not all in one spot… reducing traffic and stress….it's a good thing working at home. It's the leaders and business managers just wanting power and control when they have all workers in a building in city daily. Why should we live like this moving forward?
@Obi-JuanJacoby
January 9, 2024 at 1:42 pm
I think you guys should go back to the city without even watching this 😂😂
@TheFlagUnit
January 9, 2024 at 1:42 pm
NYC is dangerous
@dooffy4817
January 9, 2024 at 1:42 pm
Clever pitch, but no……
@invalidopinion3378
January 9, 2024 at 1:42 pm
Humans are social creatures- how do we exploit that and make a profit?
@solofemmenoire9108
January 9, 2024 at 1:42 pm
He really said bc offices are closed the coffee shop workers lose jobs, when they were already losing those jobs bc they can’t even afford to live in 2hr commute radius
@Ferrat111
January 9, 2024 at 1:42 pm
Real estate prices in big cities are high because of rich IT workers… Nonsense. Speculations and money printing (ogh sorry qe) is the reason. Bigger companies become richer, small companies more poor. Here is your salary difference. Find an IT startup, you won't be paid as much. People just don't want to travel for hours to get to their workplace, and most workers live too far, because cities aren't affordable
@ranz2355
January 9, 2024 at 1:42 pm
If companies don’t mind low productivity and poor customer service they will allow remote work to continue.
@njw6146
January 9, 2024 at 1:42 pm
such a heavily biased piece of * of a report! how are remote workers represented in your work?? pure corporate propaganda — tech and young workers have every right to move out of cities and spend their disposable income however they like. the narrative that remote jobs get paid less is false, it's obvious you're trying to push a narrative, dinosaurs like JP Morgan will have brain drain towards more deserving and democratic employers.
@TedTabaka
January 9, 2024 at 1:42 pm
NO! Most Employers would not have adopted remote work. Technology to remote work/telework ALWAYS existed. It has existed for the past 10 years or more! This idea that the pandemic accelerated adoption is absurd! What kept people from not working from home was management and forced culture. But this culture has changed. And TBH for the better!
@TedTabaka
January 9, 2024 at 1:42 pm
If the Cities WANT to bring back workers. They need to make housing way more affordable!
@TedTabaka
January 9, 2024 at 1:42 pm
The media needs to stop people from dictating how people work! I can and want to work from home!
@TheRealEdStoner
January 9, 2024 at 1:42 pm
One of the biggest problems is big city governments trying to take as much as they can from your paycheck.
@puneetjindal6426
January 9, 2024 at 1:42 pm
Just world needs to free electricity water n travel..so that people instead of paying bills pay money to their pleasure n enjoy life more..
@puneetjindal6426
January 9, 2024 at 1:42 pm
Yes..
@nenavice9903
January 9, 2024 at 1:42 pm
everybody in this video was emotionally draining and annoying AF.