Work@Home vs. Home@Work

The mayoralty of Eric Adams has been a rather odd affair so far. I won't go into all of it here but my main complaint is that Mr Adams seems to have no vision for, or direction that he wants to take, NYC.

But something that Adams talked about recently is intriguing and, if pursued seriously and smartly, could become a transformative policy, and an important legacy, of his time in office.

Long story short -- since the COVID-19 pandemic started three years ago, more people than ever are working from home. This has led to vast amounts of office space around the city laying empty, or mostly empty, at the very same time that the amount and cost of housing in NYC has reached crises levels. There are enormous skyscrapers and office buildings all over town that are basically shells while, at the same time, regular housing is scarcer than ever. 

So the solution is obvious and simple -- convert a lot of that empty office space that will probably never be occupied by into apartments are, as Adams indicates, into SROs. Such a policy would be a game change and transform not only housing policy in NYC but the entire economy. 

Such a policy would require huge changes in the zoning laws of the city -- simple solutions are very complex when actually implemented. But Adams should run with this, think it through, put together a comprehensive plan that consults with the governments of New York City, New York State, the Fed as well as labor union, business and real estate interests, and everyone who would stand to benefit for this. 

Part of what makes this city great is how we constantly reimagine it, constantly change it, and repurpose something old into something new. Such a housing plan would be a huge and important part of this great legacy.