Major American cities such as New York and San Francisco face serious problems — mass migration, empty offices and declining tax revenues. These trends have had a direct impact on cities, which rely on tax revenues for funding, a significant portion from commercial real estate. Stijn Van Nieuwerburgh has defined this cycle of spillover effects as the ‘urban doom loop.’
Watch the video above to learn more about the so-called ‘urban doom loop’ threatening American cities, and what local governments can do to avoid falling further into fiscal trouble.
Producer, shot, and edited: Kate Sammer
Supervising Producer: Jeff Morganteen
Animation: Alex Wood, Christina Locopo
Additional camera: Brad Howard, Sean Conolon
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
About CNBC: From ‘Wall Street’ to ‘Main Street’ to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Connect with CNBC News Online
Get the latest news: https://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC
How Empty Offices Are Ruining American Cities