Reading Time: 3 minutesThe surge in remote working following the onset of the pandemic has the potential to transform the geography of cities, their economies, and their public finances. Three years on, how are cities faring?
Howard Chernick - (CUNY)
Howard Chernick is Professor Emeritus, Dept of Economics, Hunter College and the Graduate Center, the City University of New York. He is a research affiliate of the Institute for Research on Poverty at the Univ. of Wisconsin, and a board member of Institute for Taxation and Economic Policy He has been a visiting professor at the University of Rennes I, France, the School of Public and International Affairs, Princeton University, and the New School. In 2015 received a Fulbright specialist grant at the Ecole Nationale Superieure Cachan, France. Selected publications include "Fiscal Effects of Block Grants for the Needy: An Interpretation of the Evidence" (1998); “On the Determinants of Sub-National Tax Progressivity in the U.S.” (2005); “State and Local Fiscal progressivity: Consequences for Economic Growth.” (2010); "The Impact of the Great Recession and the Housing Crisis on the Financing of America's Largest Cities.” (2011) The Fiscal Effects of the Covid-19 Pandemic on Cities: An Initial Assessment (2020). He is the editor of "Resilient City: The Economic Impact of the 9/11 Attack on NYC." (Russell Sage, 2005).
Covid-19 and commercial real estate: the threat to city finances
Reading Time: 4 minutesMass adoption of remote working has reduced the value of living close to city centers along with demand for office space. A sharp adjustment in property prices is likely, presenting cities with significant fiscal risks. In response, mayors will need to rethink the role of city centers and actively work to shore up revenues.