[WATCH] How Empty Offices Are Ruining New York City and Other American Cities

Major American cities such as New York and San Francisco face serious problems — mass migration, empty offices and declining tax revenues. These trends have had a direct impact on cities, which rely on tax revenues for funding, a significant portion from commercial real estate. Stijn Van Nieuwerburgh has defined this cycle of spillover effects as the 'urban doom loop.' Watch the video above to learn more about the so-called 'urban doom loop' threatening American cities, and what local governments can do to avoid falling further into fiscal trouble.