Milstein Real Estate In the News

Professor Tomasz Piskorski's work is featured.

Professor Tomasz Piskorski's recent work is featured.

Professor Tomasz Piskorski is featured.

Professor Tomasz Piskorski is quoted.

Professor Tomasz Piskorski is quoted.

Professor Tomasz Piskorksi is quoted.

Professor Tomasz Piskorski is quoted.

Columbia Business School's Professor Stijn Van Nieuwerburgh and NYU Stern's Professor Arpit Gupta were featured in a Bloomberg Opinion column examining the post-pandemic urban doom loop — a concept Van Nieuwerburgh coined and introduced in the landmark paper "Work from Home and the Office Real Estate Apocalypse," now published in the American Economic Review. In the piece, Van Nieuwerburgh warns that New York City faces deep fiscal trouble, citing an effective doubling of office property tax rates and no clear path to financial health. Gupta traces the historical roots of urban flight while noting encouraging signs in New York's office-to-apartment conversion pace. Both researchers see the doom loop as a continuing risk, driven by falling commercial real estate values, shrinking tax revenues, and the enduring shift to remote work — and underscore that while the economic fixes may be straightforward, the political will to implement them remains the critical missing ingredient.