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this post was submitted on 23 Dec 2023
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I call bullshit on remote work being the sole reason.
Remote work is a choice. Some want to work remotely, and some prefer a flexible hybrid model, where they can come into an office.
Obviously, there's a lot of office space around, but I would bet my left nut that there are plenty of companies that would love some prime LA real estate, especially companies outside of the US that would love a presence in the country.
So, the problem isn't remote work, it's prohibitive rent, whether logistics or prices. I know that American's aren't fond of immigration, but this would probably solve the rental problems, and restrict some of the brain drain that comes from people not needing to be in LA to work.
Rent is the primary factor for sure, but I think you're downplaying the impact remote work has, and/or not realizing the demand from employees for remote work. Many are taking pay cuts if they can remote work, and that does affect the labor market.
I don't feel sympathy to these landlords that do business in this way
There is am major problem with real estate right now which may play 9ut at the banks.