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New York s offices are struggling to fill up as remote work continues to be popular. Currently, office occupancy in the city is at 41% of pre-pandemic levels, with just 9% of office workers returning five days a week. Economists are concerned that this trend could lead to a decline in downtown and midtown businesses, a decrease in tax revenue, and a strain on public services. ....
US banks’ unwillingness to lend and building owners’ desperation for credit have created a standoff. Some landlords threaten to default, betting banks and investors stand to lose more in a foreclosure. ....