Whew! The sky isn’t falling on the Big Apple after all. The academic behind the infamous “Doom Loop” scenario says that things might be looking up for New York City, despite his earlier forecast that less need for office space would cast it into a death spiral. Columbia University economics professor Stijn Van Nieuwerburgh wrote an oft-quoted, 2022, essay, “The Remote Work Revolution: Impact on Real Estate Values and the Urban Environment.” Its thesis, later amplified in a report he authored with two colleagues , prophesied that less demand for offices after the pandemic would cast the city into a death spiral resulting from…
