New York City's fiscal chief wants the Doomsday Trio to take a chill pill.
Three NYC academics— Arpit Gupta of the NYU Stern School of Business, and Columbia University's Vrinda Mittal and Stijn Van Nieuwerburgh—made a big splash last year when they published a paper that said remote work would slice $50B from the value of NYC office buildings by 2029.
The trio recently updated the paper—entitled Work From Home and the Office Real Estate Apocalypse—and raised their estimated drop in NYC office valuations by 2029 to 44% from the 28% predicted when the paper was first published.
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