If companies allowed more of their employees to permanently work from home, businesses would gravitate toward city centers, while people would primarily live in the periphery, resulting in less traffic congestion and falling real estate prices downtown.
IF companies allowed more of their employees to permanently work from home, businesses would gravitate toward city centers, while people would primarily live in the periphery, resulting in less traffic congestion and falling real estate prices downtown.
Our model is like an artificial world—think Sim City—in which virtual people choose where to live and where to work. Virtual companies provide jobs to workers, while virtual real estate developers provide offices, warehouses and housing, setting prices that match supply with demand. Residents would increasingly move from city neighborhoods to the suburbs, while companies would gravitate to the center.
In Los Angeles, increased telecommuting led workers to relocate to the suburbs, driving up real estate prices. Our model takes this a step further and assumes these changes will become entrenched. Another important unknown is the ongoing effect of telecommuting on productivity. During the pandemic, employers and workers have not reported substantial productivity losses—if anything, workers have reported being a little more productive at home.
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