[timeagain]

This is not the first time that the whims of the rich have gutted cities. Compared to the explosion of suburbia and white flight in the 50s-80s, the current situation is much less dire.

My hometown of Minneapolis lost 30% (!!) of its population between 1950 and 1980. The only major difference now is that rich people are losing money instead of making more of it.

[jjjjj55555]

In what way do the rich lose money here?

The big property owners will get subsidies to repurpose the now useless buildings. Corporate chain businesses will simply close down and continue making money elsewhere. Corporate office tenants will negotiate lower leases for smaller spaces.

Meanwhile, small businesses close and never come back. Downtown areas get abandoned and taken over by homeless. Property taxes of remaining residents will likely go up to make up for shortfalls.

The rich and the big corporations are going to be fine no matter how this shakes out. It's the normal people who are likely to come out worse off.