Should Workers Return To Major U.S. Cities?
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- เผยแพร่เมื่อ 2 พ.ค. 2024
- 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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Should Workers Return To Major U.S. Cities?
Let me rephrase the guy: “You are always at trouble of being evicted, forcing you to hustle, that’s what’s beautiful about this city.” I don’t know if anything captures “toxic productivity” more than this.
Who wants to live like that? That is a heart attack.
How’s this rephrase?
“You are always at trouble of being shot or accosted, forcing you to hustle, that’s what’s beautiful about this city"
Survival motivation is SO toxic.
You're not wrong, but to be fair to the guy, he was quoted out of context. They put his answer immediately after a statement, as though he was offering an explanation, but if I'm not mistaken, he was actually just explaining why someone might want to live in a major city.
@@backwardation25 Right 🤣🤣🤣wth
So single people in their 20s have the most to gain from being in the city. Guess who can't afford to live there....single people in their 20s. Everyone wants those shops, restaurants, and bars but they sure don't want the workers to be able to live there.
Lmao
Amén to that
That’s why you have to find a good roommate
I once walked into a black owned restaurant in Brooklyn. The young owner was upset that I was a medical student the same age as her when I decided to give my input regarding asthma. She then offered me a job there but told me I couldn't hang out there if I worked there. Prime example how they need us but don't want us. We're less than because we're not masters.
We literally created tools to work remotely, and they hate it because their real estate contracts weren’t up.
that and control and giving the managers something to do.
Dude no one who works a real job works from home unless they’re a NASA engineer lol
@@Hello-fd7tt tf is a "real job" in the 21st century?
@@Hello-fd7tt you seen to be out of touch with the bevy of white collar jobs available today. Only NASA engineers can wfh?? Lol
@@n.e.g.u.s read the room. Millions of frontline workers have busted their backs during the pandemic while overpaid e-mail senders were sitting in the comfort of their homes walking their dogs, going to appointments, taking naps, while “working” and want to continue to work from home while nurses/doctors and plumbers don’t get such luxury? More than just NASA engineers can work from home but NASA engineers create something of value lol
So basically, the main reasons to live in the city are these intangibles like "the city has good energy and keeps you hungry" but all the reasons not to live in the city are tangible like cost of living, commute times, high crime, etc.
@Beyond Tribalism yea, but now you can work remote and make the big city wage and live in the rural area. And this really doesn't have to be viewed as big city vs. rural. My wife and I moved from Los Angeles to Dayton, OH. I had a remote position so my job didn't change. She took a 10k pay cut and our rent alone dropped 15k and our place in Ohio is much nicer. Add in the lower cost of everything else (taxes, groceries, gas, etc) and it was a massive pay increase due to cost of living. And we still live in a city. Sure Dayton is no LA, but we still have a downtown with all the standard big city amenities (bars, restaurants, museums, art exhibits, parks, shops, etc.) This video seemed to be more specifically talking about the likes of NYC, Miami, LA, San Francisco, etc. Small and mid sized cities are still great options if going full rural isn't your thing.
I was born on the north side of Chicago, we moved to burbs when I was 4 in 2000. I’m thinking about moving back to Chicago but man, that violence…it’s getting even worse. I’m 26 and I’ve always wanted to live out there. But even the energy in Chicago changed. It’s very quiet
@@DaOldSchoolRapLova96 I'm in Chicago burbs (next to the other zoo, the bigger one). It's honestly pretty chill out here. The Metra/BNSF gets into the loop pretty fast. The crime is ridiculous downtown right now. If you got the guts to handle it then at least get a condo but at a really good price. I would not live in Chicago these days. Lived near Foster beach for 9 years. I still drive in occasionally to hang out. Chicago suburbs offer a lot, been to Oakbrook lately?
I suppose you purposefully blacked out your layman-brain when he mentioned objective, tangible problems with not living in cities; such as dramatically lower on-boarding rates for new employees through remote work, an utter lack of agglomeration and industry concentration (butchering the ascension process for those climbing high-paying career ladders), lack of readily available transit, lack of vicinity to social hubs/career nexuses and entertainment outlets, etc.
There's nothing wrong with not living in the city if you're an average joe with average ambitions (which most people are), but if you have any thirst for significance you're essentially butchering your chances of rising through the social ladder by moving to some suburb. Tech is the forefront of this push and, even there, we're starting to see problems with remote work; such as employees reaching glass ceilings regarding career promotions and yearly salary (though the ceiling is still high, nonetheless).
The City is still the center of opportunity for our world, that won't be changing anytime soon; if ever.
100
" Drive" motivated " keep you hungry "hustle" "grind" keeps you thinking " Wow all that just to pay rent for a 1 bedroom apartment smh .
basically just work and home . No other freedom
Yes, horrible.
Couldnt be me rather have hella money left over to enjoy myself , people are dumb
Right! Don’t even own the place
I loved living in NYC, but we couldn't afford to live there when my wife became a stay-at-home mom and I we only had one income. NYC is a playground for rich people.
Yea
Rich 20 to 35 year olds with parents paying their way! They are everywhere in NYC!
It won’t be for long as the people that service rich people won’t be living or working there. i’m in Colorado and we have that issue in all of our mountain towns bunch of rich people moved in and priced out all the service workers and no one to serve them hand and foot.
Someone once said. “Cities are millions of people all being lonely together”.
This video was nothing but negatives being spun into positive talk topics, nothing about this convinced me to wanted me to even consider moving to a larger or smaller city, it was just a realisation that how screwed we are as people trying to make it in society with high prices and poor commute options as well as significant price hikes.
While that is true, as someone who is just now graduated from college and entering the workforce I would love to be able to afford to live in the city and have so many stores, nightlife, people to coexist with but it seems hard and unrealistic based on rents they are quoting me. I will have to commute from an hour away and live in a boring suburban city.
Absolutely.
no place is affordable anymore big or small
The rent / housing problem is a genuine problem. Frankly, the biggest problem, and really needs to be addressed. Not just in New York but in many cities and towns across the US. There are plenty of great articles, videos, and discussions on this. One topic to look into is "missing middle" housing.
That said, let me give you a few advantages of cities:
They have the tax basis necessary to maintain infrastructure. They have enough people, property, and money to be able to sustain roads, sewers, transit, etc. Suburbs do not. It's a problem. Strong Towns and More Than Just Bikes have a lot of good info on this.
They have enough people to genuinely support diverse economies which means a larger variety of service industry businesses for you to enjoy. These can be entertainment, food and drink, etc. etc.
Good cities are walk-able, bike-able, and have public transit. If you have not lived without needing a car... I love it.
But yeah, if cities, especially like New York, do not pop their real estate (both commercial and residential) bubble then the benefits go away.
The part that makes cities great is the mix of people, socioeconomic classes, different type of labor, and jobs, etc. The fact that someone can afford to be a waiter, a grocer, an actor, a banker, etc. etc. all in a small area is what enriches everyone's lives. Basically the ability to support all jobs and walks of life.
As soon as you price people out of living there then everything dries up and it is not fun anymore.
@@inter5123 You pay to play bro. Welcome to life.
I spent my career living in major cities across the country. They all blow. I retired to the country life.
Cities are glorified sh!tholes.
Noise pollution of sirens and traffic, Air pollution for automobiles exhaust, water pollution, Industrial chemical pollution, carcinogens pollution, electromagnetic waves pollution, health issues due to pollution, psychological issues due to stressful environment, higher crime rates, higher living cost, center in pandemic outbreaks, shoebox tight living spaces, annoying people/neighbors separated by a single wall, visual and light pollution, higher accident rates, higher sickness rates, shorter lifespan, etc....
All these great benefits living in the cities.
Is it better?
@@OnlyAven it is for me personally.
@@macknewman835 doesn't work for us colored immigrants
There's always subtle racism
Yet if more flee from the cities there won't be any rural areas left.
At a time when food prices are sky high you want people to live in cities to also pay 3x the rent?
The point of enhanced productivity when you are in a conglomerate is a total myth. If you want to work your a** off, you’ll do it anywhere in the world. If you want to be lazy & unmotivated, you’ll be that here & everywhere else.
I honestly think these videos are propaganda to try to protect real state investors.
Dude same here
And what happens to those former workers who spent the majority of their career scraping by in NYC and now find themselves on fixed incomes in a hyperinflation economy? In my early 30s while in NYC on an extended business trip (the 80s) two moments always stuck with me:
1) One weekend morning I saw a very frail woman in her 80s pushing a cart (for leverage and to shop). She looked incredibly unsteady and uncomfortable. I thought to myself, she probably never thought this would be how she managed later in life.
2) During the week I was walking from a meeting in Midtown and an elderly couple (well dressed) was in front of me and slowed down. The man moved forward but the woman stopped looked back and beckoned me. Thinking she was going to ask for directions, I was shocked when she asked could I spare some money to help them out. My heart sank and I never looked at NYC in the same light.
Eyes wide opened, I now saw seemingly well dressed people roaming through trash cans and experienced mentally ill (lost and unwell) people on the subways. I noticed how many subway stops are unfriendly to the elderly and those with mobility issues.
The final straw was on early Sunday morning to get the newspaper and walked through Grand Central Station. In a closed restaurant I glanced over and saw a rat on the counter as big as an adult cat. At that time I realized NYC requires a person to accept what many feel is unacceptable and inhuman. I was so glad to get home to a somewhat boring by normal small city. Don't be fooled!!! The people at the top in NYC use you up and toss you in the scrap heap when you are done. The 'Working Girl' movie success story is a myth at best and propaganda at worst.
End of video summarized: It's worth it to slave away when you're young and spend all of your money, because that's just life.
living in a. box and paying 4000$ is not a dream come true😢
"There's just an energy that you get from going to the office" Nah fam, I want to be at home, you can keep your energy and useless commute in the morning.
tl;dw: Let me tell you about how great cities are: You'll have to constantly be hustling or you'll become homeless because housing is insanely expensive, it's extremely crowded, quality of life is garbage, but at least there's a bunch of really great restaurants you can't afford to eat at!
But you are forgetting about rich that need people working in those restaurants...
@@ZeusWillBack Yes, but the rich really don’t want their servants living right next to them, hence the outrageous rent prices. The servants can live outside the city and commute in to work for their betters. 🙄
software engineer in LA: Gets paid 100K a year
also them: 2k a month to live in a glorified bedroom
Yeah that's me right there, but south of LA.
Definitely more than 2k
The point they're trying to make in respect to having more workers in a city etc is ridiculous. What's the point of having said workers if they cannot earn enough to live there. Cities are great but the economics usually aren't.
Exactly, corporations are like the churches seling a fantasy everyday for your future when the reality is showing all the opposite
NYC is not as fun as it was during the 90's. Too many foreign billionaires are buying up precious real estate in NYC, creating a serious homeless problem now. Most of these foreign billionaires don't even live in NYC, they live in their home cities such as Dubai and Jerusalem. They're just speculating on NYC's real estate, driving the price through the roof. What a waste of housing!
Yea these people talking in the video already have good jobs. Most of us won’t be doing those jobs.
those 200k a year jobs will be done from home (from texas / florida / zero tax places) and these high income ppl will spend in local restaurants, not in NYC. Add the associated CPA / Delivery guys / housing / etc. which will eventually shift to low tax places (because the rich moved out).
I legit responded to someone inquiring about my interest in working with them in Denver this way.
Their starting pay was 50K. Fifty. In Denver. Where houses are easily selling for 600K. Even on the outskirts it's still 500K and that's for a fixer upper. I also own my home about an hour outside the city and 50K won't cover the expenses to commute either. And it was a REQUIREMENT to work IN OFFICE.
YOU REALLY REALLY REALLY have to wonder where they think they're coming from with crap like that, tbh.
I work in NYC and so many $15 salad bars are seriously praying people return to Midtown.
Who wants to pay 15 bucks for salad?
@@Yandel21ableify u be surprised lmao
Most white collar workers who work in midtown make around or close to $50/hour ($100K/yr) so $15/lunch seems like a steal. Sure you could get 2 slices of pizza for $7 with tax but then there’s a chance you would feel bloated so $15/hr for a healthy Sweetgreen or Chopt salad is the standard
Sweetgreen bro
9:55 lady said it best. With remote/hybrid work, young people can better focus on their careers so they can afford the city lifestyle if they so desire. It's sad seeing 29-35 year old's who moved to the big cities right after college still living paycheck to paycheck in crummy studio apartments who have to eat takeout everyday because their kitchens are bottom tier or similar.
You're doing pretty good if you can afford to eat take out everyday in a big city lol.
@@bumponlog Who says they can afford it? My observations they're heavily in credit card debt.
@@Duck-wc9de when people say there are no dumb questions, just look at this guy
Yes, unless your making 100k above your not gonna save any money.
Takeout is more expensive than buying groceries and I doubt many young adults live the way you think they do. Who knows but in a few years imma bout to find out.
Boy that felt like a sales pitch
I think these companies forget that there are people out there who don't make six figures a year.
Not everyone can or don't want to work in banking or tech.
Cities should work for everyone.
From small businesses to large corporations.
No one's making anyone work a certain type of job. It's just that as an employee, you kinda have to do what your employer asks you to do, or risk getting fired. Nothing new about that.
Move to small towns.
@@millevenon5853 and then you raise the housing prices and make the locals trying to make ends meat hate you so much
@@millevenon5853 What do you mean?
@@kenmore01 That's not what he's saying at all.
He's saying the job market should be flexible.
“This advertisement to move back to big cities brought to you by CNBC, courtesy of the big City governments who now see looming financial issues”
It seems like cnbc interviewed the guests from their bedrooms!
"It keeps you hungry." Yeah, that's for sure.
Everything they say about living in the city is about productivity blah, blah, blah. You know maybe that's what people don't want.
This video was sponsored by: New York City 😂
Geez this felt like a pitch by a used car salesman.
And everybody praising the notion of coming back to the office are profiting off the gullible and naive. The same people who aspire own a $3,000 designer bag costing $300 to manufacture, ship, and market BUT costs $100 for someone in Asia to produce. It's a money game!!!
@@chrispnw2547 it's the reality sector lobby, if people don't move to cities, their profits shrink
This video feels like a desperate attempt to convince people that living in a major city is still a good thing.
Yep, this video is probably paid for by companies holding major commercial real estate in places like NYC and San Francisco. And hopefully all those holdings get sold cheaply and turned into affordable housing.
Answer to the Title of the Video : NO
I find it funny that Goldman and JPmorgan wants everyone in the office. Doesn’t seem like they care about the adjustments people had to make to survive an ongoing pandemic. I’m happy to work remote/ hybrid. I believe remote work creates more opportunities for those that are not centralized in a major city. Growing up in Brooklyn, NY opportunities were limited. My life is far better now that I can work remote. I don’t want to keep NYC or any major city alive at my expense.
The reason is that they have invested heavily into office buildings and other office structures in cities. If people leave them they are in a lot of trouble and have to do massive write downs... So instead they want to make life miserable for everyone else.
Why are you obessed with the pandemic.... WHy do you wish the pandemic never ended
@@backwardation25 that what you discussed plus more control over employees by watching them work. most employers know that employees look more busy than they actually are because they have to meet the 8h schedule.
You made decent points but all are shadowed by the "pandemic" comment. Instant loss of validation
How's the IBM job at Austin going Radcliffe?
Can an average kid fresh out of school expect to move to the city right away nowdays? Even with roommates the rising rent is still pretty steep. Maybe if everyone is working at Google and Goldman.
Definitely doable but don't limit yourself to Manhattan. There are many boroughs here that are worth it.
Most young people I know who live in big cities do so because they parents are subsidizing their rent. It’s not fair. People talk about how great a free market is but at the same time they do the equivalent of a “government handout” to their kids. I had bust my a to get a city job with relocation money while they could just grab lunch with people from their target companies.
Yeah but some people feel entitled to live alone in Manhattan then complain about the costs. Everyone I knew when I lived in NYC had roommates if they were in their 20s and there wasn’t anything wrong with that. It was great- we didn’t need a car so that saves a ton of money right there. My rent in NYC for the majority of time I was there was cheaper than my now husband’s rent in Indianapolis. Also I didn’t know anyone who’s rent was subsidized by their parents.
Move to Brooklyn or Queens first. Don't fear a longer commute into the city. Once you get your career on track and your income up then yes, move to Manhattan. If you're younger with a decent salary it's great here.
I work at one of those employers and I still barely make rent
This is one long advertisement for mass transit infrastructure spending hikes and remote work with a random “pwease still move here while you’re young and naive so we can exploit you for a couple years” added at the end
Have not lived in a 'major' in 35 years. I feel I am so much the better for it. I feel bad for those that are stuck in city life
Same, when Boston locked down I was absolutely miserable and sold my place and left.
I spent a year remote working abroad and had one of the best years of my life, best year I had in decades.
I would never fathom moving back to a major city ever again now that I know what's possible.
They pretty much would have to put actual shackles on me to get me to move back to a major city again. Never going back because of "finding a mate", "thousands of bars", "has a heartbeat"
NYC is definitely a place to be for nightlife & other entertainment but living here can be a soul drainer.
Full disclosure: I work in the professional service sector. There is an increase in productivity when people’s work-life balance is improved. Remote work allows for this to happen. I prefer to be given deadlines (remote work) rather than having someone look over my shoulders (in-person work). Remote work allows me to live in suburbs and save money - easing the personal financial strain and decreasing commute times. I also don’t need to get dressed and spend extra money for dry cleaning. The only downfall is the social connection. I think we can supplement team building needs via occasional in-person meetings only for that purpose.
Nope...I don't miss the expense of the city and until they get crime under control I have no desire to go back.
Economy: record gas prices and cost soaring
Companies: come back to the office (even though you’ve just proven for two years you can successfully do your job while saving on commute related costs)
Um… the people who live in highly urban areas never really had a significant commute. Those hours of sitting traffic? That’s all those people living in the gross burbs and cities with no real fast and efficient public transit.
I hate driving through an urban city. I can't imagine ever living in one. Its like rats in a maze.
People finally moved away from the city to find a better living condition because of the pandemic, settled and felt comfortable, and they now asked them to go back to the expensive congested cities to be punished by high cost of living?
So they overpopulate other areas of the US, thus causing the same thing to occur? Look at Arizona. Locals are getting priced out due to the insane influx of outsiders from other states. There is no housing crisis. Too many are moving at the same time.
And high crime as well.
I think one of the biggest benefits of living in a city is public transit. Living out of the she of the suburbs you NEED a car just to get to work. The bus in my area is about a 3 mile walk up and down a big ass hill and then your options for where to work are limited by where that bus goes and when.
Only because thats how american infrastructure works. There are smaller cities all around the world with public transit
have you tried an ebike ?
and then you waste most of your day on the bus or train? and you can't carry much grocery and are then forced to make more trips. so convenient and fun. lol.
This is true. Some people spend over 1000 a month on a car, gas insurance. Thats half your rent right there in the city
@@MrKongatthegates totally disregard the lack of convenience without a car specially in the usa and canada.
I will simply quit if i have to go back in the office. Being remote is important to me because going into the office causes me to worry about more things that i dont want to worry about like how i look like, social anxiety, how productive do i look like to others etc
You echoed my thoughts..
Most times it amazes me greatly the way I moved from an average lifestyle to earning over 63k per month, utter shock is the word. I have understood a lot in the past few years to doubt that opportunities abound in the financial markets, The only thing is to know where to focus.
Scam scam scam. This post is a scam and has a lot of scam bots replying.
This is a spam account. I see this person commenting this exact comment on so many videos.
@@ddub2195 Yes! Man, these scammers are going next level now. I reported her so many times, nothing.
It’s honestly brutal because I always wanted to spend at least my 20s in a city so I could meet people but now at 22 years old, these costs of living deciding to just go up on their own are kinda ruining that lifelong dream.
Im 24 and living in Philly, its not too bad if you're able to find a decent spot
Wait a couple of years grasshopper, ur time in a big city shall come.
I’m pursuing a degree in Computer Science exactly because of all this. I currently am an unskilled retail worker that simply cannot afford to live on my own. I’m not looking at computing because I particularly enjoy it, rather because it’s a way for me to be able to have a sustainable life for myself. It sucks that rent is skyrocketing, gas is 5 a gallon, groceries cost more, and I have other debts to pay too. This is my reality, and this is the exit option I have now.
DC is missing from the list of cities with highest rents - average is $2,295 according to Zumper
That’s because it’s not that high relative to other places.
Lol thats a ripoff cant believe people pay anything higher than 1200 a month on rent
Housing prices are at record highs, gas is at record highs, wages aren’t keeping up with inflation. If you want people in office then either the pay has to go up, or the housing and commuting cost need to come down.
Why so much emphasis on Texas in the map? My bet is that Denver, Seattle, Portland, and DC all have higher rents than every city except NYC, LA, SJ, SD, and Miami. not to mention SF and Oakland, with the highest rents in the country.
You’re probably right that places like NYC have higher rents than Texas cities, BUT if we look at what people are paid in Texas and compare that to rising rents in Texas cities, people in the Texas cities are feeling the squeeze (Austin is a good example of this).
@@starzzzy22 good point
I feel like we're just experiencing a bust cycle, for the first time in a highly globalized economy, right after a pandemic.
Yes , if we took the pain in 2008 instead of bailing out Wall Street we would have recovered
Now we have a lot of pain coming to everyone
Globalization is dead. The supply is broken. Meanwhile, China is facing a major demographic collapse so that will only worsen supply chain issues in the future.
It's a bust cycle but the cost of housing is still increasing. There is a tidal wave of evictions, foreclosures, and homelessness coming. Some cities are already ankle deep, but many won't realize it until they are up to their necks in it.
@@theironsheik6322 This is true. It is no longer just the supply chain. It's the supply itself. All it will take is for China to institute policies like India just did to protect its domestic food supply by restricting exports and we will be up sh*t creek with no more Chinese-made paddles.
The pandemic made what was known to many painfully clear. The old business models are very inefficient and no longer work for the majority (only those in power). When the NYC mayor stated in public 'employees need to get out of their pajamas and cone back to the office' he became another jerk politician and showed his true colors. NYC has a ton of nepotism and waste in their budgets and all the empty commercial real estate is a major problem for the city.
If people are moving out of cities and working from home this seems like the best time to improve the public, pedestrian, & cycling infrastructure of those cities. Hard to use the 'war on cars' argument if there's going to be fewer and fewer people driving to/from them. Cities might as well use this as an opportunity to start fixing issues and rebranding themselves.
Exactly
Most will not move back...some may...the young maybe!!! for that city life...but the cities are crime ridden and nasty...i do not see the majority moving back...
@@logicalspeaks5666 dunno what city you were in, but it I'm sorry if that was your experience. But yeah, this is exactly what I mean by cities needing to fix up and rebrand, now's the time to clean up their acts and get people interested. Not sure how they can deal with the issue of property owners overpricing housing though.
One of my major concerns is that modern suburbs tend to be a major financial burden for cities; maintaining much more spread-out power/gas/water/road systems is definitely gonna be an issue if the population keeps dispersing.
Great point I just hope this actually becomes policy
Yeah but that would be proactive.
If you have time check out 2 youtube channels.
Not just bikes
And
Second thought
Working remotely can actually give firms advantages and spread equality more. The status quo just needs to be changed.
Is not worth new york is so expesive everyone is angry
People from fly over America or foreigners still want to live in NYC.
@@Yandel21ableify I lived there 10 years and only loose my hair. Is better state to live that new york
The only benefit I see to living in a big city is the public transit and then the diversity of work opportunities and entertainment but living there is VERY expensive.
I concur and the city I live in is
8th on the list but luckily I have a little advantage in my favor
And TONS of NIMBYs
a person needs 3 things to survive: proper shelter, proper food and proper medicine/health. all the rest are mostly useless.
Agreed , things are overly complicated and too many snow flakes that want “material” bs these days
Proper clothes and heating and cooling too
For Americans I say a car as well. I can't live here without a car to get me to the place I make money
I guess air conditioners / heaters and of course refrigerators are important to achieve the shelter and food needs. And for that you need electricity. You're also gonna need proper toilets and showers, so you need plumbing and running water.
Ok so now we're looking at bills for power, water, and a mortgage/ rent. So at this point, you need a trade or a job to be able to afford those monthly expenses.
For a trade, you need tools, materials, and training. Those things cost money.
For a decent job, you need more training / education. That requires either a lot more money or a proper society with a good public education system.
Which brings up an expense that's actually been there all along: taxes.
Ed says “Serving a latte with a smile is a stable pay check.”
but it can’t afford a stable life. Especially in New York.
Also the “learning together” aspect with its b roll of two guys jogging
it’s not like I don’t have friends and hobbies in the suburbs or mountains.
I still prefer to work remotely.
The city is lame.
ive been living in a town with 80k people my entire life and i feel like my brain is constantly in a fog, i want out i want to live in the city. its beyond boring in this small town
A lot of the problems in affordability is due to single family zoning laws. Cities will become much better if these are removed.
You don't necessarily have to remove them. Make people pay for their own infrastructure by raising their taxes to a ridiculous amount in those zones so that the city can profit from those zones again. Stop subsidizing them and they'll be fine. This should reduce demand a great deal, which should in turn reduce the scope of single family zones and increase the scope of mixed-use. Win-win.
Regardless of single-family zones, most cities are completely screwed with their public transit at the moment.
Then high density places like Manhattan should be cheap, right?
@@sprague49 the expensive sfh raises prices for all units, that being said Manhattan is constrained by their own zoning laws and rent control that artificially reduces development and would be even more dense if it was allowed
Democrat cities are the problem.
@@sprague49 Manhattan isn't as high density as it seems. Notice that most of the high density is concentrated around midtown. And a lot of that density is not even residential, but workers. On top of that, Manhattan is picking up the slack for every other suburb around it; since most of NJ, LI and upstate is low density, and by law it cannot be densified, then the one places that allows it, Manhattan and co, will pick up the slack. And that's not gonna have a major effect on prices, as that's where we also happen to put most of our jobs.
We need to allow for density everywhere, not just Manhattan and the areas in other boroughs near manhattan. NY and NJ should do what Cali just did and essentially ban R1 zoning.
I feel like this video talked very little about the rising cost of cities and the increase in crime.
Coming from Philly, living in BIG cities imo are OVERRATED. The traffic, the lack of space, people living on top of each other. bad schools, crime. For what?? Access to a museum or two?? A couple of diverse restaurants?? Yeah I'll pass. The peace of mind you sacrifice isn't worth it. I say use the city for its opportunity but LIVE outside of it.
The cost of living in these cities is what a lot of them aren't talking a lot about. People can't afford to live in New York or Los Angeles, San Francisco. It's extremely expensive. An entry level job out of college with a degree isn't going to pay near enough to facilitate living. You either squeeze into an apartment with 3 other people or you spend every dime you have to afford the place you're in with nothing left over.
It is all by design....the Lockdowns and corona virus as well as the existing inflationary pressures are means to and end... the goal is to crush the middle class by 2030...that is the plan by the globalists aligned to the democratic party
$4K/mo rent is less than 25% of income for a new college grad making $200K. Work a few years to hit $400-500K and/or find a partner and cost of living won't be that big of an issue. The alternative is to burn out and leave the city, which many people do. NY is not a good place for the average Joe to live.
@@newbies1 most people only make 50k-60k out of the gate in most college jobs starting that makes it very challenging. Not to mention inflation.
What’s worth it in 2022 is owning a house in a suburb thirty min. from a city. Your house should have solar panels which support free charging of your new electric car. Crime is too high in cities. Office people have not come back fully.
What benefits does working from an office give that it actually outweighs the benefits of WFH? If the daily work that needs to be done can be achieved from working from our homes itself, then I don't see any need to unnecessarily travel to an office and get it done from there. This is mostly applicable to people working in the software industry and services sectors. Also by avoiding unnecessary commute, we are contributing to a cleaner, greener and safer planet. 😎😎😎
More competition = higher standards. That's why top restaurants in a big city are better than those in small towns.
Beautiful comment on video how did you understand this so well ?
Are you into human psychology
in theory...in reality 90% of them use the exact same ingredients provided by a couple of distributors.and only the top 10% or top 1% are high class and provide superior products no matter the ''competition''
Best restaurants I ever ate at were in Anchorage, Milwaukee, New Orleans, and Chattanooga. They are cities, sure, but none that scream big
Very true. I love in a town of 25,000 and we have many crappy restaurants and only one great one. And the great one, the owner wants to retire
No need for restaurants if we can make food ourselves while doing remote work
being in the heart of the action certainly has its benefits, but when the city flips you upside down and shake every dime from your pockets, those benefits amount to zero. ANd least we forget, many of those cities come with a severe harshness of living. NYC has a ton of benefits in regards to living, lots of things close and nearby, but it says nothing for the quality of life. Sure there is the spectacle of it all the grandeous big city and it is to be admired on one hand but on the other you find your still missing out on many of the major essentials of life's replenishment. NYC as great a city as it is, serves little up in regards to make life less stressful. So all that you gain from life in the city is violently robbed from you. and all you left with is the beaten down nature of being a city dweller. You see this every time you see people waiting at an airport gate to NYC. The people look grey, depleted, hard, weather worn, they carry a strength and power with them, they do look business savy, but they also look the opposite of rested, and healthy. Oppose to that which you see looking at people at the florida terminal. Where people look sun kissed, light, relaxed, easy going, healthy, anything but stressed. So the city benefits those that can live that city hussle and bustle, which typically are the young. and is who you see the most. people that have not yet been murdered by the city. As a brooklyn New yorker i know all this too well, in my youth NY was great, but not without its aggrevations, and over time it just got worse. moved to other parts of the island, the change wasindeed welcome, but the general nature of NYC working situation still has you commuting long distances to get those higher paying jobs more central to the city. And that commute bring sersious stress factors as well as great financial looses. I lived in Florida and LA. Florida provides one major thing the big cities dont. natures down time. Florida has a strong replenishing nature about itself. Even with alot of people, its location still makes it a tropical island attached to the mainland. Florida can be crowded, but stress relief is always about you in one way shape or form , its only misgiving is finding a good paying job. if you do you can truly live a really nice life in florida, Youd think LA would be similar to Florida...no.. its not. LA doesnt have that same replenishing nature. its a stressful place. you can find good pay, in fact you have to because theirs no way for you to afford the living if not. But again whats the use of getting good pay if the city takes it away in inflated cost for everything. And this is why sooo many people are leaving LA to mid and east coast states. ironically the nation routinely bashed places like florida, and now its in the top three for people relocating too, tired of the stress looking for an affordable change that includes quality of life. these days what it all boils down to is.. are you living to keep the job afoat and sacreficing your life and quality of living for others miliking you dry. or are you working to see a better life for you and your family? able to make a decent wage without dying to do so or getting robbed blind by uncontrollable outside factors. People finally are wising up and looking to prioritize their lives first, and the pandemic made that happen. Prior, people were working like robots, chickens wither their heads cut off. health failing, bills mounting, and no proper relief in sight. that is till the pandemic showed everyone the life theyve been missing.
I agree with you on FL and NYC I noticed the same at the airport gates. It is a subtropical paradise and it is so invigorating even with all the plastic surgery and superficiality (Miami in particular)
Despite that I still couldn’t live there long term but it is nice to be at.
^Miami is basically it’s own part of FL. Don’t make the common mistake of labeling what you see in Miami as “Florida”. It’s not old Florida. Go visit St. Petersburg, Lakewood Ranch/Sarasota, Clearwater, Pine Island, or the panhandle area
@@foreverfloridian8525 ive lived in florida for well over 20 years in St.pete , Clearwater and Sarasota and on the east coast in Coral Springs. yes i know florida and know the difference between southern and northern Florida. A Ringling ALumni and much much more. dade county has changed thru the years from the dump it was in the 80's to the and the change that befell it shortly after it notoriety grew from Miami Vice. . And in those key locations where i worked and lived i witnessed each city go from sleepy least traveled towns, to the floods of people which are their today. My biggest regret is not having enough money or for that matter business sense to take advantage of much of the housing that was available at the time early 90's the property in sarasota was dirt cheap and the place was a gem and far off the radar from most people. those were my college years. Development in st.pete really took off in the early 2k's, again cheap properties with extremely nice places to live. loved nothing better than taking drives along gulf drive down into fort desoto. But in terms of OLD florida, well your not REALLY talking about those places either. outside of that which was settled by the spanish, which yes includes st pete. sarasota is its one of florida's oldest towns in terms of white settlemtents, but those that are truly country-red neckish florida is everything from north of tampa. the sticks. those places still have high populations of native floridians. or i should say, floridans that had settled the area at least since the 1940's. forida's cities really arent that old. And you can still find pockets of native americans. which are a sight to see.
We are at a point in America where people really cannot move due to high costs, so it will force people to improve the places where they are, which is a good thing. I live in a mid sized affordable us City, and I know I cannot do better anywhere else in the country, I would have to go overseas as other American cities are too expensive and don't offer as high quality of life
Yep I'm remodeling my old home now . Texas has been ruined.
Big cities are polluted in every possible way, extremely expensive offering very cramped apartments and easily become hotbeds for global pandemics.
At the same time, every one of these videos craps on smaller towns and suburbs. Like, I’m sorry, it’s safer, cleaner, cheaper, and more relaxing here. I don’t need 20,000 restaurants.
@@DoctorBrueckner exactly! Learn to cook. It's healthier and cheaper and not difficult
PERSONAL ADVICE: Moving a mid-size underrated city is the best thing you can do (the same logic apply for companies and buying products).
Small towns might still lack development, but Big cities are total money pits: You are always paying extra, but you get less quality per dolar spent because you end up enjoying nothing; all you get is violence, traffic, pollution, lack of comfort and lower health. I made this move in the past and I don't regret it, specially because here you face less competition, but you are still getting more options each day.
I wish I could afford to live in the city. I'm stuck in the suburbs of Washington D.C., because rents are just TOO high in the city proper. I'd be willing to pay a lot more than I do now, because of all the benefits, but the costs are so far beyond what I could possibly pay... Very frustrating.
Just my opinion but I think you're in a great area! I use to live in NOVA and DC. You can still enjoy everything DC has to offer without the high taxes. I always laugh when someone says the "suburbs of DC." You're either in DC or you live in the state of Maryland or Virginia hahahah
"you can work remotely but we are not gonna pay you as much"
yea, not a problem !!! Look at the house price difference,
a total pay cut of 20%, minues the taxation effect, you actual income can be maybe 10% less, but housing is 50% of what it would be in big cities
life quality boosts drastically !
Plus, you can live in a bigger house with a yard and clean air!
@@DoctorBrueckner And you're not losing countless hours stuck in traffic.
@@hurrdurrmurrgurr or on public transit every day. I’ve lived in Germany, with cleaner and more reliable trains than we have in the USA, but I still prefer my car. It’s always clean, never smells, always ready on time, and there are no hobos peeing or smoking fentanyl next to me.
@@DoctorBrueckner I am living in Germany now and I much prefer the trains. I can relax, stretch my legs, walk around, and get work done on the trains. I have never seen someone smoking anything on a German train and they have all been very clean. Even if I had a car a train would beat it to most of the places I have gone. There are even nice slow overnight trains where you get a nice bed. You get on the train at night, go to bed, and wake up at your destination and FAR FAR more relaxing than air travel.
@@Immudzen I love the ICE train! Such a great way to get to another city with very little hassle. Because Europe is so compact, I could take the train from Nürnberg to Paris for a long weekend and I didn’t have to dump out liquids or take off my belt. I just prefer taking my car for work because I lived in the country and there was no direct service to me place of employment.
Why would any young person bother investing in becoming a more productive employee, when employers refuse to pay you a living wage, let alone pay you for this ?
@3:40 corporate talk for “we need workers but we don’t wanna pay fair wages”
Edit: he used the phrase “keep you hungry” as if that’s a good thing 🤦♂️
"It keeps you hungry", of course, after you pay your rent you have no more money for food...
If you can't get a social life from your co-worker because you are online now that shouldn't be a problem. You still have family, church, community, clubs, etc outside of work.
Do they? The stats suggest lower participation in church and clubs.
Church girls be freaky 🥵
I’ve live my whole life in nyc just struggling to survive and trust me it’s not worth this. This city is legit falling apart and there no help for us
Return to the office 5 days a week. Nope. Been working remote since 2008 with the occasional "demand" of 1-2 days a week in the office, which always disappears within a few months of the request. Currently working a job where I've not met any of the people I work with. Most are not in my time zone or even country. Yes, my company has local offices I could go to, but I told the boss I would prefer not to, but if he requested it, I'd go. That was a year ago. Nope, not returning to the office. Zoom/WebEx/Skype all those allow co-workers to see each other.
This video in one sentence: The “friends” show fantasied the big apple lifestyle, and some people are still buying it
I think the center of business is shifted to the virtual space and going into a city is a weekend/once a week activity not a daily one. There is also a new class of "tech workers"; most of them prefer to work remotely anyway. Tech workers are also don't need cities to spin up new business ideas. The narrative felt like advertainment for cities rather than a objective coverage or trends and insightful predictions.
A number of very serious concerns are haunting everyone in urban and suburban environments.
Thank you
I'll never live in a big city again. I'm enjoying my chickens too much. I may own a townhouse in a major city to stay there once in a while. People aren't meant to live that packed in. Over time the grind makes ya hate people. COVID changed my view on life forever.
Don’t blame lack of engagement and short term employment on remote work. It’s way more complex.
Millenials are getting sick of the bs. We either don't want to or can't afford homes in cities at these orices.
I haven't stepped into an office since March 2020. I couldn't imagine ever going back. Ever. My hope is that I will be able to ride out my remaining working years (perhaps another 5 more to go) working remotely between my homes in NYC and Florida. It already feels a little bit like retirement.
@ghost mall me2 .... same thing I need at least 25 years to get retired
How about "Were Major Cities Ever Worth It?"
were suburbs even worth it
@@cjspyker oh yes
Tenement slums that arose during the industrial revolution suggest no. It brought a whole new level of poverty and poor living conditions, people crammed together in terrible conditions like sardines and exploited.
Things got better with reforms, but we're still haunted by that ghost today with rampant homelessness and severely neglected areas.
i work from my home city in India I pay 1/10th of the rent I would pay in Toronto. The cost of living is a huge factor, I am no longer paying 2500 for a single bedroom appt
Don't live in New York then, move away. Our friend works in the industry and moved from San Jose to Albuquerque, NM while keeping the same wage doing the same screen job back in Palo Alto. He Paid off the mortgage on a new house in -10 years while earning Silicon Valley wages.
"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."
This is why people are moving to New Jersey and that building apartment buildings like wildfire everywhere put a New Yorkers to come to pay $2,000 of rent for one bedroom..
You know if you just let people work remotely and then convert the empty offices into small apartments for the homeless, you'll pretty much solve homelessness in a matter or a few months and you'll fix traffic and reduce pollution as people won't have to travel.
Rent hasn't gone down. I doubt landlords will ever budge on this. Why continue to say that?
Eventually people will dictate rents because if people leave major cities like nyc and san fran those cities will have no choice but to drop these high rents.
There are lots of space leasing in popular areas in NYC that remain empty for YEARS. Graffiti, damages and all. No one wants them and prices don't go lower.
If most remote workers are more productive and happier at home, why would the companies and workers ever want them to go downtown again?
I don't want to go back to the office because I don't want to die or get robbed/beat up. I also grew accustom to having my own bathroom.
Not worth the price.
Working in dense cities might be more beneficial for younger adults early in the careers and without families to raise because they can bunk up and live like college students while getting that hyper social experience that cities can offer. When people age some, met their mates and want to start families the suburbs begin to become more appealing because their life's focus is not on work hustling so much.
Your comment encapsulates the issue perfectly. Its spot on. As a guy in my 40's, i lived that exact experience. Its almost like the whole college rite of passage thing. Later, when you get a bit older your essentially tired of all the madness. Its a natural progression i suppose. The hybrid work thing is very beneficial for things like family life. If im being honest i never really liked the whole crazy city life thing. All the best from Ireland!
Well, I don't want you here. Too many homes are being built and woods are being destroyed. Stay in your cities!
I'm young and I prefer being isolated, alone and away from everyone. I thrive when alone. Screw civilization, society.
I'm a solitary animal just like a Tiger.
@@taxthesocialist2602 Don't worry, Russia will take care of the city dwellers.
@@taxthesocialist2602 you do know there is a shortage of homes across America right?
I will take a pay cut to work remotely. Easy decision. I can live in on a 2 acre property for less than 200,000. I have no commute costs, my property taxes are laughably low, my neighbors live half a mile away. Why move back to the city? I am saving probably 60,000/yr living in the countryside.
Being a programmer, remote work lets you take advantage of the cheap prices of middle american countryside while being paid close to the wages of big city coastal cities.
Exactly why I’ll NEVER live in NYC, San Francisco, LA, Miami .. just too expensive. Great to visit but to live??? Absolutely not
I have onboarded onto a new team remotely and built professional relationships far stronger than I ever did in my 10 year career! Empathy is the key, I feel like we have more empathetic capacity because we are not drained by the hours long commute everyday! I love remote work, it’s making work not exhausting.
I do not agree with the assumptions made in this video, in fact most of it feels ill-informed and most of the claims are not backed up by data.
Most of the claims completely counter the data. I’m honestly not even confident that this video is legal as per “journalist integrity” laws.
Those jobs already disappeared because the people serving lattes couldn't afford to live in the city they were serving.
Not every job market requires a density as said. If the company can work remotely then let them. Allowing an industry to widen past singular cities allows more of the population to benefit from being able to access said industry.
These housing prices need to crash and burn.
Absolutely not. Back in the 70s you were paid a premium to work in the big cities but today, salary is the same everywhere but cost of living in the cities is far too high. Add to that a crumbling infrastructure and crime..
I was waiting for an interview from an actual average person living in the city. Instead we just get a bunch of statistics dumped onto us and no actually words from the people these numbers supposedly represent. Journalism has fallen so far and there is such a large disconnect between the successful and the unsuccessful.
Well we got a moment with one. Didn’t you see that whole crowd of people saying there’s an affordability crisis 3 seconds before Mr. Work 17 Hours A Day came on?
The Urban Service workers have had enough of wealthy New Yorkers thinking they should just get by to wait on them. Wow New York, whine often? Clean up your crime, lower your rents, your are not appealing.
No forced labor in the US. Anyone should be able to choose not to work but live luxuriously, it is our freedom of choice!
One of the biggest problems is big city governments trying to take as much as they can from your paycheck.