March 15, 2013

BLOOMBERG’S NEW YORK: A Preserve Of The One Percent. “The low and middle classes are being priced out of a life in New York City. Even as many residents spend fifty percent or more of their earnings on housing, the majority of the city’s ‘affordable homes’ are still out of reach. House prices and rent have risen by more than forty percent since 2001, and landlords, betting on gentrification, are evicting existing tenants in favor of wealthier ones. The result is a skyrocketing homeless population and a threat of a mass exodus to other cities and states. . . . For all the fretting by city officials about this exodus, there doesn’t seem to be any acknowledgement that the city’s taxes and job-killing policies may also have something to do with it. New York will always have a high concentration of wealthy people who can afford whatever the housing market throws at them. But as in California, New York’s blue policies have contributed to the creation of a city where increasingly only the very wealthy can afford to live.”

You’re welcome to move here, so long as you don’t start agitating for the same policies that drove you out.

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