this post was submitted on 29 Feb 2024
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That's the entire point of RTO drives.
Make everybody miserable, pressure some to leave, not have to pay redundancy. Scummy as fuck.
It's really not, although I'm sure more than one C-Suite dweller has gotten a chuckle out of it. No the real point of RTO is trying to stop or soften a pending Commercial Real Estate apocalypse that could be even worse than the 2008 Financial Crisis. It's imminent too, like if it hasn't started already then it will in the next 60-90 days.
We'll know if its begun by looking at the Q1 CRE default rates when they come out in April. If the rate is over 1.9% then you should start keeping your cash in a mattress and stockpiling food...and I'm only semi-joking.
In the least callous to the everyday people that will suffer way I can say it, good it needs to die. Real estate as an investment needs to die
I can understand your opinion when it comes to Residential Real Estate, the stuff that people live in, but I wouldn't extend that to Commercial Real Estate. I see nothing wrong with a Business owning properties that are used by itself or other Businesses. I think the problem comes in when Businesses, especially large Businesses, own Residential Real Estate; especially if ownership of RRE exceeds a certain threshold inside a designated area.
I honestly think a lot of the problems with businesses owning RRE could be solved by not allowing those businesses to be C Corps, maybe constrain them to only Sole Proprietorship or LLC.
See I could agree with you for a company owning a building it uses, I don’t consider that investment, I consider that ownership and use, but I don’t think any entity should own land or shelter they aren’t utilizing. I don’t see any real benefit for any but capitalists
I do think there is some evidence that companies are just doing that stuff regardless. There's a "speedup" I think I've seen it called, a push to do more with fewer people and make basic benefits feel more like a privilege.
My company fortunately did not issue RTO mandates but has taken to requiring people to work watched in a Zoom room all day and explain any bathroom trips longer than 3 minutes. That's where I think the real estate angle becomes relevant, probably the only reason my workplace went the other direction and full-remote is that a) we're stalking people on zoom now and timing their #2s and b) we're midsize with few close corporate relatives, and leased all our space previously. We have no other skin in the game besides saving a massive overhead cost