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Well, if it happens, it happens. I'm not sure why most Americans or even most New Yorkers would care if London is or isn't the top global city. Rankings like that do not put money in the pockets of most people.
I really don't think poor or working class people care. In reality, these groups make up the bulk of the city. They are poor and working class now and they will be poor and working class in the future (whether NYC remains a top global city or not). The only people who care about such things are bankers and others who are heavily tied to the banking industry.
I really don't think poor or working class people care. In reality, these groups make up the bulk of the city. They are poor and working class now and they will be poor and working class in the future (whether NYC remains a top global city or not). The only people who care about such things are bankers and others who are heavily tied to the banking industry.
I don't even know if the bankers would really care or not. I seriously doubt all there money is going to vanish just because London might get a higher rating than NY. Big American companies will still be listed on the NYSE or NASDAQ (both in NYC).
London and NYC are on the same boat as far as their shrinking finance sectors are concerned. I don't think NYC needs to worry about being left behind by London anytime soon and the UK as a country is becoming less and less relevant in the world stage. The new markets for growth are far more dispersed (Central America, Southeast Asia, Central Asia) and do not need global cities to affirm their importance.
Yet, The scale of foreign investment in London is immense. You can feel the vast amounts of money being poured into the city at every level - from the improvements to the public realm, to the liveliness and mood in the streets, to the sheer number of cranes across the horizon. It very much feels like a city in the ascendant. Can we really say the same about NY?
Yet, The scale of foreign investment in London is immense. You can feel the vast amounts of money being poured into the city at every level - from the improvements to the public realm, to the liveliness and mood in the streets, to the sheer number of cranes across the horizon. It very much feels like a city in the ascendant. Can we really say the same about NY?
Does anyone really care? This just isn't relevant!
Also, your post is based on personal opinion. Do you have economic figures from legitimate sources to back up your claimsforeign investment in London versus foreign investment in NYC? Do you have research on how or if its effecting the earning of the London population of all classes? Without context your claims are meaningless.
^^^ If you truly don't care about a topic then the usual course of action is to ignore it. Responding again and again, and in an emotional vein (not to mention, asking for confirmatory evidence of the patently obvious), to a topic you claim to be disinterested in just demonstrates that that 'disinterest' is actually denial.
Yet, The scale of foreign investment in London is immense. You can feel the vast amounts of money being poured into the city at every level - from the improvements to the public realm, to the liveliness and mood in the streets, to the sheer number of cranes across the horizon. It very much feels like a city in the ascendant. Can we really say the same about NY?
London isn't without its problems. Cost of housing, due to a chronic housing shortage, is through the roof, Central London is increasingly seen as a gated community for the rich elite, or a playground for rich international playboys, many indigenous Londoners are being priced out of the city and there is increasing racial/cultural tension in the peripheral urban areas.
That said though, it is definitely a city on the upward trajectory. Retail and tourism are booming, independent retailers, boutiques and dining venues are thriving all across the city, money is being poured into the tech sector/R&D, as well as new infrastructure, Central London office space demand is at an all-time high and the city is seeing a population influx at a rate of 100,000 per annum despite high taxes. I think that international money has definitely improved London.
^^^ If you truly don't care about a topic then the usual course of action is to ignore it. Responding again and again, and in an emotional vein (not to mention, asking for confirmatory evidence of the patently obvious), to a topic you claim to be disinterested in just demonstrates that that 'disinterest' is actually denial.
Its not denial. For starters, I have not been to London, so I can't deny something I haven't seen.
So I'm asking you, for economic information from legitimate sources on whether or not London really has more foreign investment than NY. Your going to London and seeing lots of cranes means absolutely nothing. Its something you saw, but its not a concrete economic FIGURE.
It also doesn't show whether or not the average citizen in London is benefitting from this alleged investment boom.
So again, I'm interested then, if you can back this up with legitimate sources other than what you allegedly saw. If there's no proof, then its whatever.
And for the record, I can't deny something when there was never any proof of it. A claim made on the internet is not fact. In all of the research papers I've written, I had to cite sources and show figures.
So I'm asking you, for economic information from legitimate sources on whether or not London really has more foreign investment than NY. Your going to London and seeing lots of cranes means absolutely nothing. Its something you saw, but its not a concrete economic FIGURE.
As far as I know, he was commenting on comparative trend changes rather than the status quo, and the attractiveness of London to foreign investment money rather than standard of living for low income earners. In those regards, there's plenty of evidence:
The city is essentially a tax haven with great theater, free museums and formidable dining. If you can demonstrate you have a residence in another country, you are taxed only on your British earnings.
And the savings on property taxes are phenomenal.
The property taxes on Mayor Michael R. Bloomberg’s $20 million London home come to £2,143.30 per year. That’s $3,430. Clearly, the mayor bought in at the right time. The Google executive chairman, Eric Schmidt, is reported to be house hunting here — he’s looking in the £30 million (about $48 million) price range. Yet he will pay a similar amount in property tax.
There are other facets of London real estate as a medium of exchange. British gross domestic product has yet to return to pre-crash levels, but the financial-services industry has roared back. Banks are paying out big bonuses again, and anyone looking for a safe investment is getting into London property.
From the top of Parliament Hill, on Hampstead Heath, look eastward. Out around the Olympic Park and beyond you see clumps of high-rise apartment buildings sprouting like toadstools in a meadow after a particularly heavy rain. These aren’t being built to meet the calamitous shortage of affordable family housing in the city; they are studio and one- or two-bedroom apartments. The developments are financed by “off plan” buying. Bonus babies look at the blueprints and put their money down with no intention of living in what they’ve bought — just collecting decades of rent
Last edited by MissionIMPOSSIBRU; 10-14-2013 at 02:54 AM..
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