If Taxes/COL were the same $ across the country, would LI be one of the best places to live? (New York: real estate, buying)
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I believe it has to do with very little hiring activity on Wall St., which for years kept the NY compensation elevated. Well Wall St. has relocated away from NY and now you'll find better paying gigs in Atlanta, Austin, SLC, Boulder, and San Fran. Oh and the NY Metro area has far more h1b labor than most other labor markets around the country, further diluting the compensation puzzle.
I see alot more hiring in NYC by start-ups, for what that's worth.
So, instead of looking at superficial indicators, like the number of openings for NY on job boards, delve a little deeper, read more and think more deeply. The job market in NY metro sucks right now and unemployment is headed up and will probably continue upward into at least 2013. Gloom and doom!
Actually his basis all along for saying NYC is better is because it has a higher number of jobs in the securities industry. Never mind if the sector is shrinking and there are few alternatives that are more stable. The total number of securities jobs - that alone supposedly makes NY better in his mind.
Quote:
Originally Posted by bubbathedog
As for NYC being the center of the financial universe, I believe London has taken that position over NY. Additionally, if you check the job boards, many more Wall St. jobs--paying more than similar postiions in NYC--are available just north in Stamford, CT. But I'm just gloom and doom, right?
The only significant securities activity going on in Stamford is the big UBS trading floor. With the development of computer-based trading, those trading jobs will eventually go away as are the analysts who support the traders. Unfortunately Exrich cannot comprehend this. He only looks at current headcount and assumes everything will be OK.
Yup, it does and dice.com does too. But look closely, because if the position exists at all, it's not paying what NYC used to. $$, in NYC, are much lower these days. Sure, NYC shows the second highest number of openings (behind San Francisco), but wages have sunken into the ground. And the cost of living in NY Metro continues to skyrocket as it's one of the most expensive areas in the country to live in.
I believe it has to do with very little hiring activity on Wall St., which for years kept the NY compensation elevated. Well Wall St. has relocated away from NY and now you'll find better paying gigs in Atlanta, Austin, SLC, Boulder, and San Fran. Oh and the NY Metro area has far more h1b labor than most other labor markets around the country, further diluting the compensation puzzle.
I see alot more hiring in NYC by start-ups, for what that's worth.
So, instead of looking at superficial indicators, like the number of openings for NY on job boards, delve a little deeper, read more and think more deeply. The job market in NY metro sucks right now and unemployment is headed up and will probably continue upward into at least 2013. Gloom and doom!
YOu are right on salaries and gloom and doom. Some of it is artificial and mostly political. It's a lack of hiring, period. They are sitting on oodles of cash. Without the political mud wrestling of why it's happening (don't want to open that can of worms), there is no investment at all. People, capacity, property, nada, zip, zilch. Just piles of cash. Nothing going to change until hopefully after the election regardless of who wins.
I agree FHD and was asking rhetorically. The problem I see with the Island not attracting enough new business and depending on NYC is that it's starting to make a crummy suburb of NYC. Commutes are tougher than when I drove a truck during rush hour and if my last visit was any indication the congestion keeps spreading east. If the Island wants to be a bedroom community of NY it needs some major upgrades to make it one of the best places to live. The potential is still there but that could be swamped by inaction.
He aproaches the diving board, looks left then right...and dives in.......
Richmond a city with an infastructure rail, air, sea and road links can not be compared to a land mass made of 2 counties and 10,000 opinions. Reading all the comments you treat LI like a single administrative entity; it's not. It's success has been as a suburb to NYC and thats it, they created a great life for those that wanted it.
From an industry perspective it doesn't pay transport in/out is a major problem, labor and tax costs are not attractive to any large scale industries. NYC not LI will always be a world leader in many areas but more and more companies are looking elswhere because the cost of doing buisness is too high. Altria relocated and PMI is the international division of the company that chose to stay in NY.
For those that want the energy of NY living have at it. But even with the higher salary's in many fields are you really getting more or just paying more?
I have to begrudgingly agree. The problem though is more about leadership and priorities. Many thriving cities were not logistically ideal (Austin is a prime example). It is a determined attitude towards targeted growth. LI proved once you don't need 1,000 industries, you need a few that are at the forefront. That comes from investment, incentivizing, etc. You hit it on the head though. The problem isn't the logistics, it's the "10,000 opinions" and the dingbat politicos trying to please all 10,000 all the time.
I agree FHD and was asking rhetorically. The problem I see with the Island not attracting enough new business and depending on NYC is that it's starting to make a crummy suburb of NYC. Commutes are tougher than when I drove a truck during rush hour and if my last visit was any indication the congestion keeps spreading east. If the Island wants to be a bedroom community of NY it needs some major upgrades to make it one of the best places to live. The potential is still there but that could be swamped by inaction.
That whole bedroom community business model needs to be evaluated, that is, assuming LIers and Westchester residents are even thinking about it. I think Mike Bloomberg has pretty much made clear the direction which he wants to take NYC and it doesn't look like the counties are going to have a place in that vision. At least Westchester has whatever is left of IBM and Pepsico to hang on to (if they're smart, they won't close the nuclear plant), but LI? If there will be no place for them than it's time to chart their own course.
Actually his basis all along for saying NYC is better is because it has a higher number of jobs in the securities industry. Never mind if the sector is shrinking and there are few alternatives that are more stable. The total number of securities jobs - that alone supposedly makes NY better in his mind.
The only significant securities activity going on in Stamford is the big UBS trading floor. With the development of computer-based trading, those trading jobs will eventually go away as are the analysts who support the traders. Unfortunately Exrich cannot comprehend this. He only looks at current headcount and assumes everything will be OK.
Wow, I said NYC is better in securities because of the total number of job and Dominance in the job market. Why would I go to Richmond to work in securities? For my industry NYC is the place to be, certainly now and over the next Few years.
Wow, I said NYC is better in securities because of the total number of job and Dominance in the job market. Why would I go to Richmond to work in securities? For my industry NYC is the place to be, certainly now and over the next Few years.
They mean the same thing. People at your level care about where the most number of jobs in the sector are located. NYC will always have more securities jobs than any single location but as has been pointed out over and over, securities is a shrinking field and no longer as attractive as it once was. As the jobs disappear, what other careers are available to pursue? Not much.
A guy who works in Richmond can argue that Richmond is the place to be if you want a stable career with different options of employers.
That whole bedroom community business model needs to be evaluated, that is, assuming LIers and Westchester residents are even thinking about it. I think Mike Bloomberg has pretty much made clear the direction which he wants to take NYC and it doesn't look like the counties are going to have a place in that vision. At least Westchester has whatever is left of IBM and Pepsico to hang on to (if they're smart, they won't close the nuclear plant), but LI? If there will be no place for them than it's time to chart their own course.
Oh yea, because bloomy will be around for such a long time that he'll really have an adverse affect on LI
They mean the same thing. People at your level care about where the most number of jobs in the sector are located. NYC will always have more securities jobs than any single location but as has been pointed out over and over, securities is a shrinking field and no longer as attractive as it once was. As the jobs disappear, what other careers are available to pursue? Not much.
A guy who works in Richmond can argue that Richmond is the place to be if you want a stable career with different options of employers.
People at my level? Please I have an MS in accounting, I hope your search into programs is going well. NYC is the place to be for securities and that's not debatable. Other industries is another story, but for you to say There's not much else in NYC is hyperbole at its best.
Oh yea, because bloomy will be around for such a long time that he'll really have an adverse affect on LI
Have you been reading the news? His potential successors have already signed on with his vision for the city. The Cornell-Technion campus on Roosevelt Island is happening after he steps down. So is the development of the Flatiron district as a startup haven. All of that is pushing through. Do you think the majority of Long Islanders will have a place in all that? Are the academics and researchers in Technion and the technopreneurs in Flatiron going to buy homes in Deer Park? Massapequa? Wantagh? Think harder.
Quote:
Originally Posted by Exrichmondback2LI
People at my level? Please I have an MS in accounting, I hope your search into programs is going well. NYC is the place to be for securities and that's not debatable. Other industries is another story, but for you to say There's not much else in NYC is hyperbole at its best.
People with MS in Accounting and newly graduated won't be the partners in KKR. They won't be closing deals. All they care about at this point is how to get a paycheck, which is pretty reasonable. What else can you do outside of securities? Not much that will provide for stable income. You can do startups in silicon alley but that's not "stable".
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The problem I see with the Island not attracting enough new business and depending on NYC is that it's starting to make a crummy suburb of NYC. Commutes are tougher than when I drove a truck during rush hour and if my last visit was any indication the congestion keeps spreading east. If the Island wants to be a bedroom community of NY it needs some major upgrades to make it one of the best places to live. The potential is still there but that could be swamped by inaction.
