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What happens when residential prices rise so high that you price out many of the same employees who created the critical mass and desire for this urban environm
by nugget 14y ago
What happens when residential prices rise so high that you price out many of the same employees who created the critical mass and desire for this urban environment in the first place? How do you recruit a software dev @ $100k/yr when the 1 bedroom SoMa apartment they want costs $3k/month (~ $40k/yr fully loaded, or 50%+ of their take home pay)?
- rm999 14y agoIn most cities people can find much cheaper places to live within commuting distance. Cities can't support themselves when people are totally priced out. For example, I know someone who lives in Bushwick, Brooklyn and pays <600/month (with roommates), and another in a studio for 1200/month. Bushwick is about 30 minutes from Soho by subway.
- eternalban 14y agoBushwick rocks. Stinks, but it is the best hood in the city. However it is not very techie. Great art scene.
- dangrover 14y agoI second this. I was in Bushwick when I lived in NYC. I saw 1-bedrooms going for 1200. I moved to the UES after that, and found that the Manhattan tax really isn't worth it.