Sunday, April 8, 2018

Only the rich are moving in

From The Real Deal:

Pricey American cities are starting to attract more residents who can afford those prices.

Research from economist Issi Romem has found that new residents coming into cities like New York, Miami and Los Angeles are making significantly more money than residents who are leaving, according to the Wall Street Journal.

The trend is strongest in San Francisco, where the people moving to the city and nearby Silicon Valley earned almost $20,000 a year more than the people who left the area in 2016. In Los Angeles, the income gap between people leaving and people arriving was $7,600.

Former industrial cities like Detroit and Cleveland are seeing the opposite trend, where new arrivals are making less than people leaving the cities.

New arrivals to cities also tend to be younger, more likely to rent and less likely to have children than people leaving.

14 comments:

Anonymous said...

this is bad in the sense that it will lead to more gentrification, but on the other hand did you want more bums moving into shelters

Anonymous said...

Hmmm....no surprise!

Anonymous said...

New arrivals to cities also tend to be younger, more likely to rent and less likely to have children than people leaving.

Not in queens! In queens, all I see is illegals who have multiple children or legal (sometimes illegal) Chinese who have loads of money and rent out to other Chinese who have a couple of kids. If these rich people are moving in,they are only buying houses and renting it out here or they live in certain parts of brooklyn or Manhattan.

Anonymous said...

Good. With the way City Hall keeps spending money, everyone will sorely need an influx of net-positive contributors to the tax base.

Anonymous said...

Um, OK. Not a bad trend, really.

Tommy Efreeti said...

More of a bad trend than good one. Suggests that jobs are paying enough to allow higher-income-earners to reside here, and the logical extension of that is City Hall would feel more even comfortable therefore raising taxes (not that they ever really seem to stop). The opposite of "only rich are moving in" isn't "only poor dregs live here".

A society is kept affordable by the presence of an array of income-tiers to be catered to; in the absence of any real lower/middle-class whose price-sensitive demand creates healthy competition, I hope those of you smiling at this trend enjoy paying more for less (see W'msburg). When idiots gush at a newly-arrived Gourmet marketplace replacing the local joint -newsflash, all that's changed is now you get to enjoy the privilege of paying even more for the same groceries anyway.

The corner no-name, single propietor-ship bodega down from me has organic eggs & milk, too: they just don't make a big fucking deal about it.

Anonymous said...

TWO WORDS: 'BILL DIBLASSIO'

Kevin said...

And if they are less likely to have children, that is another positive trend.

Anonymous said...

Unfortunately the NYC douches leaving because they can't afford New York anymore are coming down to my state and screwing it up by voting Democrat and getting the same policies that drove them out in the first place.

Anonymous said...

Who gives a Sh$t??

These cites need new money to come in and stay alive off It! It doesn't matter how much money you make It's how much you keep and build off of. NYC Is a place that will bleed you dry.

BUT there's plenty of suckers out there that will pay...

Anonymous said...

It's ruining the city - theyve flooded Western Brooklyn & Queens, and the job market. Now other young people who didn't have the same privileges as them are screwed outta decent commutes & jobs...

Anonymous said...

>screwing it up by voting Democrat and getting the same policies that drove them out in the first place

Which policies are those? The policies that made NYC such a desirable place to live that most people can't afford to live there any more?

Anonymous said...

Many younger laborers working in Queens actually commute from Pennsylvania. Only 22% of Queens voted in the last mayoral election because so many actually are EB5 visas. As interest rates and tax differentials rise while immigration drops, watch NYC real estate crash to 1977 levels

Anonymous said...

Can anyone explain why the more desireable and expensive the city gets, the more the quality of life deteriorates, and we resemble a third world country?