A recent study found that one in four employers with offices in new York City plan to cut their presence in the city by at least 20 percent, according to Bloomberg. The study, released by the Partnerships for New York City, also found that companies expect only 10 percent of their employees to return to the office by the end of the summer, and only 40 percent by the end of the year. In addition, 16 percent plan to move at least some jobs out of the city.

The study's findings call to mind the mass exodus of financial firms from the Wall Street area after the 9/11 attacks, except on a citywide scale. In this case, however, it is not fear of a terrorist attack that is the driving force but the success of work-from-home programs as well as plans to downsize office space, meaning there will be less need for staff.

The report, in general, offered a grim outlook on the city's fate during the COVID-19 era. The pandemic will likely do long-term damage to the local economy, with the report predicting that some 230,000 small businesses in neighborhood commercial corridors may wind up never reopening. Meanwhile, the unemployment rate right now in the city is 18.3 percent, meaning millions are struggling with food, rent and other necessities, especially in Black and Hispanic communities.

The report also reported that the gross city product is expected to drop by between 6 percent and 12.9 percent. This reduction is projected to lead to a  $8 billion drop in tax revenue in fiscal years 2021 and 2022. Sales tax revenues compared to last May are already down by 32 percent.