3 ms·
> in 1970 (~33k/year) in nyc Comparing NYC in the 1970s to today isn't a "big apple to big apple" comparison. NYC in 1970s was on the verge of bankruptcy [0]
by alephnerd 7mo ago
> in 1970 (~33k/year) in nyc
Comparing NYC in the 1970s to today isn't a "big apple to big apple" comparison.
NYC in 1970s was on the verge of bankruptcy [0] and federal receivership, saw 1,000 industrial firms leave annually leading to 500K jobs lost from 1969-76 [1], and saw around 880K residents [2] leave for suburbs or other states. NYC didn't recover until the 2000s [3].
For your discussion, a better comparison should be cities+towns that were rich in the 1970s that remained rich in the 2020s, and cities+towns that were poor in the 1970s and remained poor in the 2020s. Similarly, a better contemporary comparison for NYC in the 1970s would be Detroit or potentially even Los Angeles.
[0] - https://scholarship.law.duke.edu/cgi/viewcontent.cgi?article=2598&context=dlj https://scholarship.law.duke.edu/cgi/viewcontent.cgi?article...
[1] - https://www.polyarchives.hosting.nyu.edu/exhibits/show/struggle-at-poly-in-the-70s/new-york-city-scale https://www.polyarchives.hosting.nyu.edu/exhibits/show/strug...
[2] - https://www.pbs.org/wgbh/americanexperience/features/blackout-gallery/ https://www.pbs.org/wgbh/americanexperience/features/blackou...
[3] - https://www.osc.ny.gov/files/local-government/publications/pdf/nycreport2012.pdf https://www.osc.ny.gov/files/local-government/publications/p...
- balderdash 7mo agoyeah that was a pretty cheap time to buy in nyc for sure - but i don't think that anyone would argue that the the ratio of home price/income has stayed flat/decreased over the past five decades