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I just saw a report on TV about how gentrification in New York City has started to reach even the upper middle class, with young families north of $100,000 per
by kleiba 13y ago
I just saw a report on TV about how gentrification in New York City has started to reach even the upper middle class, with young families north of $100,000 per year can no longer afford to stay in their Brooklyn neighborhood. In Manhattan, the super-rich of Russia, China, but also Europe have found a trendy place to buy luxury apartments that they then only use rarely. Not only workers, but also people with high-income jobs have started to be pushed out of the more sought after neighborhoods.
- impendia 13y agoAn interesting observation. When I lived in Menlo Park, I observed that local politics (definitely including zoning regulations) were controlled by wealthy homeowners, who had a strong vested interest in the status quo. But absentee homeowners, whose principal residence is not in Manhattan, are presumably ineligible to vote there. So it seems plausible that zoning and other local laws might tilt in favor of the renters, middle class, and others who actually live in their neighborhoods.
- dragonwriter 13y ago> Not only workers, but also people with high-income jobs have started to be pushed out of the more sought after neighborhoods. "People with high-income jobs" are still workers. The "job" bit gives it away.
- kleiba 13y agoSorry, I meant "blue collar workers" which we unfortunately have come to expect as victims of gentrification. EDIT: Disarmed previously snarky response.
- OGC 13y agoThese luxury appartments are investment/speculation vehicles not actual places to live in.