Remote working could send San Francisco into a “doom loop” of financial collapse, experts have warned.
Increased homeworking has led to a profound fall in local spending and is gutting the city’s tax base, which could trigger further economic woes.
Arpit Gupta, an associate professor of finance at New York University, who co-authored a paper last year on the dangers of a “doom loop” scenario, said that San Francisco is “sort of ground zero for remote work’s impacts”.
The city’s mayor, London Breed, has dismissed the “dire predictions”.
