Whole traditionally white collar industries across the western world are experiencing similar issues, and I believe underlying it all is the financialisation of

Whole traditionally white collar industries across the western world are experiencing similar issues, and I believe underlying it all is the financialisation of housing. We’ve managed to keep many other costs roughly in line with inflation despite growing populations, so housing now being so far beyond the reach of many full time workers should be pause for concern for economists and leaders far more than it seems to be. I have spoken a few times about my thoughts on where this is heading, and I can genuinely see some cities fading out as they lose their service workers followed by lower paid professionals. Sydney and New York come to mind as places where a minimum wage just isn’t enough to exist within commuting distance of the metropolitan areas. Where are coffee shops and restaurants going to find workers when those same workers live elsewhere due to costs? I could happily pay more for coffee but even a doubling in price wouldn’t allow cafe staff in Sydney to live less than an hour from work, and honestly there’s cafes they could work in closer to home, so why work in Sydney? Entry level professional work has the same problem. Sure there’s potential for future growth but if you can earn the same money as a data entry clerk in a suburb, why sacrifice your time and any spare money commuting to a major city?