Tech Firms Once Powered New York’s Economy. Now They’re Scaling Back.
For much of the last two decades, including during the pandemic, technology companies were a bright spot in New York’s economy, adding thousands of high-paying jobs and expanding into millions of square feet of office space.
Their growth buoyed tax revenue, set up New York as a credible rival to the San Francisco Bay Area — and provided jobs that helped the city absorb layoffs in other sectors during the pandemic and the 2008 financial crisis.
Now, the technology industry is pulling back hard, clouding the city’s economic future.
Facing many business challenges, large technology companies have laid off more than 386,000 workers worldwide since early 2022, according to layoffs.fyi, which tracks the tech industry. And they have pulled out of millions of square feet of office space because of those job cuts and the shift to working from home.
That retrenchment has hurt lots of tech hubs, and San
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