The shift to remote work destroyed about $58 billion, or 33%, in the value of office real estate in New York City through 2021, according to a working paper.

The big picture: The provocatively titled "Work From Home and the Office Real Estate Apocalypse," published earlier this summer, underscores how the work-from-home boom was largely a bust for pricey corporate office space.

Why it matters: While no one is crying for big office landlords, the decline in value — and loss of workers it signals — could have significant spillover effects on the city, which depends on a steady stream of commuters to fill-up tax coffers.

Details: For their paper, the researchers looked at a range of data, including office building valuations and occupancy rates, real estate investment trust (REIT) stock prices, and the market for commercial mortgage-backed securities.

Wait, didn't the authors say something about an "apocalypse"? Since the paper was released online, there's been some pushback on the term, said coauthor Arpit Gupta, a finance professor at NYU Stern School of Business. Still, he maintains that this is a significant moment.