According to a recent Bloomberg Business article, remote work is costing Manhattan more than $12 billion a year. As a result, many people have left the city and moved upstate. Some have purchased homes in the countryside, where the cost of living is lower, and the pace of life is slower. However, the pandemic has changed things, and many of these people are now considering moving back to the city.
While some are considering a return to the city, others have fallen in love with their new lifestyle and have no plans to move back. However, for those who are considering a move back, selling their upstate homes is not an easy decision. Many purchased their homes during the pandemic, when prices were high, and interest rates were low. Now that interest rates are rising, selling their homes could mean losing money on both ends.
The question remains, what can be done to alleviate this issue? Perhaps the government can offer financial incentives to people who want to sell their upstate homes and move back to the city. This would make it easier for people to make the move and alleviate some of the financial burden. Alternatively, the government could offer incentives to companies to encourage them to bring their employees back to the office, which could help to reinvigorate the city’s economy and create more job opportunities.
In conclusion, remote work has changed the way we live and work. While many people have found a new way of life in upstate New York, some are still considering a move back to the city. Selling their upstate homes is not an easy decision, and the government could offer financial incentives to make it easier. Alternatively, the government could encourage companies to bring their employees back to the office, which could help to reinvigorate the city’s economy. Only time will tell how this issue will be resolved, but it is clear that remote work has had a significant impact on the city and its residents.
Are you a homeowner who moved upstate during the pandemic? We’d love to hear your story! Share your experience in the comments below.
