2 ms·
It's simple. For every high income person who moves out many more low-income people move in. Meanwhile, those who stick around are ready to shell out more cash
by alecco 3y ago
It's simple. For every high income person who moves out many more low-income people move in.
Meanwhile, those who stick around are ready to shell out more cash to upgrade to a safer area of the city.
It's a feedback loop.
- jinushaun 3y agoThat’s the thing people don’t realize about NYC. For everyone who complains about the high cost of living and move out, there are people making less than half or a quarter of what they are making moving in. Everyday. This puts a price ceiling on the cost of living. Compare that with SF and Seattle where every new resident makes more money than the last and, IMO, the resulting cost of living is much higher.