Business
What Will Become of Cities?

From the Brownstone Institute
BY
Everyone was supposed to be back at the office by now. It’s not really happening, however, and this has huge implications for the future of the American city.
Part of the reason is the cost, not only the finances of commuting but also the time. Another contributing factor is the crime and homeless population, which can be quite scary. Between inflation, rising poverty, substance abuse, and rampant post-lockdown incivility, the cities have become far less attractive. The impact on the commercial sector is becoming ever more clear.
Leases are coming up for large office spaces in major cities around the US. But there is a serious problem on the way. Occupancy of these offices is dramatically down in most places around the country. The decline is 30 percent on average and much more in San Francisco, Chicago, and New York City. That’s for now but many tech companies and others have laid off workers, meaning that even the companies that renew will be looking to downsize dramatically and with shorter-term leases.
Dylan Burzinski of Green Street writes in the Wall Street Journal:
“What began as a two-week work-from-home experiment in March 2020 evolved into an entrenched hybrid/remote work environment. Despite return-to-office mandates, office-utilization rates (how many people are physically in an office on any given day) have failed to pick up meaningfully this year and are still 30% to 40% below 2019 levels for most office markets across the country. Employers have shed office space as a result, helping send the amount of office space available for lease shooting up to historic highs across most major U.S. cities. The so-called availability rates are hovering at 25% on average compared with slightly above 15% before Covid—and things could get worse before they get better.”
You might say: there is nothing wrong with remote work. This would have happened regardless. Cities as we know them will pass into the night eventually as the whole world becomes digital.
That might be true in the long term, but it would have been far better to happen organically and not by force. That was the essence of what Burzinski calls the “pandemic” but of course it wasn’t a pathogen that sent millions out of the cities and leaving for the suburbs. It was the forced closures and then vaccine mandates and compulsory segregation by vaccine status.
For a time, cities like New York City, Boston, Chicago, and New Orleans were using state power to exclude shot refuseniks any normal public accommodations. The unvaccinated could not go to the library, the theater, restaurants and bars, and museums. It’s hard to believe that this actually happened in the land of the free but that is the real history of just two years ago.
Then once workers got a taste of remote work, and they fully realized just how ridiculously annoying the commute and office culture truly is, they would not and could not be pushed back into a full-time relationship with the office. That has left half and fully empty skyscrapers in multiple cities in the US.
The signs of doom are everywhere. A poll of New Yorkers has 60% saying that life quality is falling and this is in part due to far less quality foot traffic. San Francisco has record office vacancies. Even large cities in Texas have 25% vacancies. Population declines in many cities are continuing long after pandemic restrictions have been lifted.
And here is Boston.com:
Absent flexibility from building owners, businesses worry that downtown will see even more vacancies and that tourists and office workers slowly returning to the neighborhood will have less reason to make the trip. Consider the worst-case scenario: Downtown falls further into post-pandemic disarray or a long-feared “doom loop.”
Like many big-city downtowns, Boston is still in the midst of its recovery after COVID. Many offices and ground-floor spaces remain empty, and buildings lately have sold for sizable losses. Fears about what downtown will become were only exacerbated by the bankruptcy of the coworking giant WeWork, one of the largest office tenants in Boston.
How far this will go and what the implications will be is anyone’s guess. Will the skylines change? Are we looking at demolitions of some of the grandest structures in the coming years? It’s not entirely out of the question. Economic reality can be like a brick wall: when the expense consistently outpaces the revenue, something has to change.
Why not convert office spaces to domestic apartments? It’s not so easy. The buildings put up after the Second World War were made for air conditioning and had wide footprints without windows in a large swath of the space. That simply doesn’t work for apartments. Cutting a giant hole down the middle is technically possible but economically expensive, requiring the rents in the resulting properties to be in the luxury range.
The next phase will be the fiscal crisis. Dying business districts, declining population, empty office buildings all mean falling tax revenue. The budgets won’t be cut because of pension obligations and school funding. The next place to look is to the capital for bailouts and then of course the federal government. But those will only buy time and certainly won’t address the underlying problem.
What bugs me most about this is just how much it fits with the dream of Anthony Fauci as he and his co-author explained back in August of 2020. Writing months after lockdowns, with American cities on fire with protests, he wrote that we need “radical changes that may take decades to achieve: rebuilding the infrastructures of human existence, from cities to homes to workplaces, to water and sewer systems, to recreational and gatherings venues.”
If your view is that the real problem with infectious disease traces to “the neolithic revolution, 12,000 years ago,” as they claim, you are going to have a serious problem with cities. Recall that this is the guy who said we need to stop shaking hands, forever. The notion of a million people working and socializing together in a few square miles of space is something that would run contrary to the entire vision.
Klaus Schwab of the WEF, too, has an issue with large cities, too, of course, with constant complaints about urbanization and the imagined world in which large swaths of our lives are spent online rather than with friends.
So a tremendous downscaling of cities might have been part of the plan all along. You will notice that none of the cities on the chopping block seem to be offering a viable plan for saving themselves. They could dramatically cut taxes, deregulate childcare, open up more schooling options, turn police attention to petty crime and carjacking instead of traffic fines, and open up zoning. That’s not happening.
New York is going the opposite direction, having effectively banned AirBnB in the city. Why did the city council do this? Because too many renters with space found it more lucrative to offer short-term rentals and overnight stays rather than make long-term contracts for residents. This is a sneaky way of pillaging property owners, not exactly a good plan for attracting real estate investment.
All of this speaks to a much bigger problem, which is that the whole political system seems to be engaged in an amazing game of “Let’s pretend” despite the overwhelming evidence of the disaster that has befallen us. No serious efforts are underway to reverse the damage of pandemic lockdowns and vaccine mandates and segregation. This is partly because there has been zero accountability or even honest public debate about what governments around the country did from 2020-2022. We live amidst the carnage but justice seems farther off than ever.
Yes, a complete reversal is possible but it seems ever less likely, especially with the continued efforts to purge from public life those who dissented during the crisis, as well as the intensifying censorship on all mainstream media platforms.
Once you step back from it, nothing really makes sense. One might suppose that when a whole society – and really globe – embarked on such a crazy experiment and utterly failed in every way, that there would be a major effort to come to terms with it.
The opposite is happening. Even with America’s treasured cities in such grave danger, so much of it provoked by terrible policies over four years, we are still supposed to either not notice or chalk it all up to some inexorable forces of history of which no one has any control.
Business
Zelenskyy Says He Still Wants To Sign Mineral Deal With US After Oval Office Spat With Trump

From the Daily Caller News Foundation
By
Ukrainian President Volodymyr Zelenskyy said Friday on Fox News that he still wants to sign the mineral deal with the United States despite his public blowup at the Oval Office.
During a gathering in the Oval Office on Friday with President Donald Trump, Vice President JD Vance, and other officials to discuss the U.S. deal with Ukraine over its minerals, Trump and Vance called out Zelenskyy’s behavior after he publicly criticized the U.S. for not attempting to halt Russia. Following the heated discussion, Zelenskyy appeared on “Special Report with Bret Baier” and told the host that he still believes the deal should be signed, adding he wanted to understand the security guarantees the U.S. would provide.
“United States wanted this deal very much, and we’ve been not against this deal, but we wanted to understand what parts in security guarantees will take this deal and what next steps. Just again, to understand for our people, during the war, what you don’t like, even sometimes hate? Surprises,” Zelenskyy said.
Dear Readers:
As a nonprofit, we are dependent on the generosity of our readers.
Please consider making a small donation of any amount here.
Thank you!
“It’s understandable. Many terrible things this war brought to us. So we don’t, we don’t want any surprises. Yes, that’s why we want to be very fair with our partners. I think this deal was prepared by teams. It was not simple during [the] weeks, and now it’s ready. I think that they have to sign. The countries have to sign. The ministers have to sign. That’s it. I don’t know when they will do it. It depends on the American side.”
Multiple sources on Tuesday said that the U.S. had struck a deal with Ukraine to jointly develop mineral extraction projects within the nation.
WATCH:
By Thursday, Trump’s Treasury Secretary Scott Bessent told Fox News that “the deal is done,” adding it was a “win-win” for all parties and would be signed by Friday at the White House. However, following Zelenskyy’s clash with the president and vice president, the White House told Daily Caller White House correspondent Reagan Reese that “nothing will be signed.”
Baier went on to ask Zelenskyy if the deal did not include security provisions, to which the Ukrainian president said that it was part of the “infrastructure.” Zelenskyy further said that Trump had said Russian President Vladimir Putin would not be able to enter certain mineral production territories. However, the Ukrainian president disagreed with the decision, saying he had told Trump not to “trust Putin.”
“I said to him that we had more than two, more than 20 companies, American companies, big companies on the territory of Ukraine. We had offices, even on temporarily occupied territories. For Putin, it doesn’t matter,” Zelenskyy said. “It’s a European company or Ukraine. It doesn’t matter. He just came and occupied it.”
“That’s what I said. I think this is a great idea [on] how to strengthen Ukraine and how to make business between two countries, how to make additional jobs for two countries. But it’s not just this will not save us,” Zelenskyy said.
After Zelenskyy left the White House, Trump took to Truth Social, posting that he had determined Zelenskyy is “not ready for Peace if America is involved, because he feels our involvement gives him a big advantage in negotiations.”
“I don’t want advantage, I want PEACE. He disrespected the United States of America in its cherished Oval Office. He can come back when he is ready for Peace,” Trump wrote.
Business
Trump and fentanyl—what Canada should do next

From the Fraser Institute
During the Superbowl, Doug Ford ran a campaign ad about fearlessly protecting Ontario workers against Trump. I suppose it’s effective as election theatre; it’s intended to make Ontarians feel lucky we’ve got a tough leader like Ford standing up to the Bad Orange Man. But my reaction was that Ford is lucky to have the Bad Orange Man creating a distraction so he doesn’t have to talk about Ontario’s high taxes, declining investment, stagnant real wages, lengthening health-care wait times and all the other problems that have gotten worse on his watch.
President Trump’s obnoxious and erratic rhetoric also seems to have put his own advisors on the defensive. Peter Navarro, Kevin Hassett and Howard Lutnick have taken pains to clarify that what we are dealing with is a “drug war not a trade war.” This is confusing since many sources say that Canada is responsible for less than one per cent of fentanyl entering the United States. But if we are going to de-escalate matters and resolve the dispute, we should start by trying to understand why they think we’re the problem.
Suppose in 2024 Trump and his team had asked for a Homeland Security briefing on fentanyl. What would they have learned? They already knew about Mexico. But they would also have learned that while Canada doesn’t rival Mexico for the volume of pills being sent into the U.S., we have become a transnational money laundering hub that keeps the Chinese and Mexican drug cartels in business. And we have ignored previous U.S. demands to deal with the problem.
Over a decade ago, Vancouver-based investigative journalist Sam Cooper unearthed shocking details of how Asian drug cartels backed by the Chinese Communist Party turned British Columbia’s casinos into billion-dollar money laundering operations, then scaled up from there through illicit real estate schemes in Vancouver and Toronto. This eventually triggered the 2022 Cullen Commission, which concluded, bluntly, that a massive amount of drug money was being laundered in B.C., that “the federal anti–money laundering [AML] regime is not effective,” that the RCMP had shut down what little AML capacity it had in 2012 just as the problem was exploding in scale, and that government officials have long known about the problem but ignored it.
In 2023 the Biden State Department under Anthony Blinken told Canada our fentanyl and money laundering control efforts were inadequate. Since then Canada’s border security forces have been shown to be so compromised and corrupt that U.S. intelligence agencies sidelined us and stopped sharing information. The corruption went to the top. A year ago Cameron Ortis, the former head of domestic intelligence at the RCMP, was sentenced to 14 years in prison after being convicted of selling top secret U.S. intelligence to money launderers tied to drugs and terrorism to help them avoid capture.
In September 2024 the Biden Justice Department hit the Toronto-Dominion Bank with a $3 billion fine for facilitating $670 million in money laundering for groups tied to transnational drug trafficking and terrorism. Then-attorney general Merrick Garland said “TD Bank created an environment that allowed financial crime to flourish. By making its services convenient for criminals, it became one.”
Imagine the outcry if Trump had called one of our chartered banks a criminal organization.
We are making some progress in cleaning up the mess, but in the process learning that we are now a major fentanyl manufacturer. In October the RCMP raided massive fentanyl factories in B.C. and Alberta. Unfortunately there remain many gaps in our enforcement capabilities. For instance, the RCMP, which is responsible for border patrols between ports of entry, has admitted it has no airborne surveillance operations after 4 p.m. on weekdays or on weekends.
The fact that the prime minister’s promise of a new $1.3-billion border security and anti-drug plan convinced Trump to suspend the tariff threat indicates that the fentanyl angle wasn’t entirely a pretext. And we should have done these things sooner, even if Trump hadn’t made it an issue. We can only hope Ottawa now follows through on its promises. I fear, though, that if Ford’s Captain Canada act proves a hit with voters, the Liberals may distract voters with a flag-waving campaign against the Bad Orange Man rather than confront the deep economic problems we have imposed on ourselves.
A trade dispute appears inevitable now that Trump has signaled the 25 percent tariffs are back on. The problem is knowing whom to listen to since Trump is openly contradicting his own economic team. Trump’s top trade advisor, Peter Navarro, has written that the U.S. needs to pursue “reciprocity,” which he defines as other countries not charging tariffs on U.S. imports any higher than the U.S. charges. In the Americans’ view, U.S. trade barriers are very low and everyone else’s should be, too—a stance completely at odds with Trump’s most recent moves.
Whichever way this plays out Canada has no choice but to go all-in on lowering the cost of doing business here, especially in trade-exposed sectors such as steel, autos, manufacturing and technology. That starts with cutting taxes including carbon-pricing and rolling back our costly net-zero anti-energy regulatory regime. In the coming election campaign, that’s the agenda we need to see spelled out.
How much easier it will be instead for Canadian politicians to play the populist hero with vague anti-Trump posturing. But that would be poor substitute for a long overdue pro-Canadian economic growth agenda.
-
Alberta2 days ago
Provincial Budget 2025: Meeting the challenge
-
Alberta2 days ago
Alberta Budget 2025: Health and education
-
Alberta2 days ago
Alberta 2025 Budget Review from the Alberta Institute
-
Business2 days ago
Trump Admin investigates Biden-era decision to kill 100 million chickens over bird flu
-
COVID-192 days ago
RFK Jr. pauses $240 million contract for new ‘oral COVID vaccine’
-
Business1 day ago
Trump warns Canada tariffs coming in March unless drug trafficking is ‘seriously limited’
-
Business1 day ago
‘Dark Truth’ Of USAID: House Lawmakers Spotlight Biden’s Foreign Aid Abuses In Fiery Oversight Hearing
-
Business1 day ago
DEA’s Most Wanted in U.S. Custody: Mexico Extradites Dozens Amid Trump Trade Standoff