So what’s replaced hangouts in the city? In many cases, I’d consider them ersatz third places: establishments that are either too expensive for the average American or apparently designed to disincentivize lingering. Think carefully curated faux dive bars that serve $15 beer-and-shot specials, or parks like New York’s High Line that are built to be... See more

If you want to sell a product online, publish a game, or distribute a new app you built, you must pay a tax to one of several dominant aggregators. “Real estate” on the internet can therefore be much more competitive than it is in the physical world, where you pay a market-based rent, but foot traffic comes for free.

Once the immediate adjustments are made, there will be winners and losers. Absent extensive bankruptcies (and missed rent payments), traditional commercial landlords may take the lightest hit as companies still need office space, but the WeWorks of the world are in for tough times as struggling startups and small businesses look for cheaper (or fre... See more