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Just read an interesting article, suggesting that much of the unusually high costs of living in NYC might be due to the really high salaries of the financial industry, who can afford to pay lots of money and outbid each other for the best neighborhoods. What do people think?
"New York has very strong fundamentals at this point and is very expensive. If Wall Street mega-earners were poorer, prices would fall and new people would flood in and the city would have a stronger position in non-finance industries."
Perhaps the Mayor of Detroit will selflessly offer to take the awful burden of Wall st. off our hands. Or the Mayor of Buffalo perhaps. We can only keep our fingers crossed and wait.
There are numerous reasons why NYC is expensive and Wall Street is only one of them. To point to one element of the city and say THAT is why I can't find an affordable place to live in NYC is counterproductive.
The reason rents are high is that NYC has a job engine. Many U.S cities no longer do.
So here it is: A JOB...and thus a landlord wants 10 times what he could charge in a jobless Appalacia town which is the rest of America.
When the NYC job engine disappears, as it will, and the financial engine is robotized with immense computers in Moldavia or Bangladesh or Ulan Bator, then NYC will see the same rents as Appalachia.
so you figure replacing high earners with low earners will be able to cover the income tax loss and support the incredible amounts of public assistance doled out in nyc?
new york city residents hating wall street is like residents of saudi arabia hating oil. whether or not you agree with its impact on the world, its definitely a net gain for the local area.
Rent is so high because of section 8. If you are looking for a cheap 2br apt in east new york it would cost about 1200 a month. That is a lot of money to live in the hood. The reason it is so high is because section 8 pays landlords that which makes it the going rate for rent. So if you are not in section 8 you have to find the money to pay 1200 a month. Wall street is part of the reason why rent is so high in manhattan. Wall street makes living in manhattan desireable which increase the price of rent. One reason for high rent is because of capitalism and the other is because of socialism. Wall street is not the problem, the problem is the government. Dont believe those kids protesting anything they can protest when they arent doing drugs or getting laid.
new york city residents hating wall street is like residents of saudi arabia hating oil. whether or not you agree with its impact on the world, its definitely a net gain for the local area.
I completely agree.
Those bonuses those big guys make on Wall Street are taxed at a little under 50%. So a guy who got the $2 million dollar bonus? About a $1 million of it is going to the taxpot of NYC...and likely going to welfare, public housing, more police officers, or one of the crooked NYC tax board members who aren't using the money where it should be used.
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