Earlier this week, an economics columnist in the Times talked about how rich people in New York get such a good deal on everything?aside from real estate. That's expensive if you're rich or poor. But why? 1) Global rich people like to buy play houses here; 2) Housing stock is limited. As the number of NYC residents (and the number of rich people buying play houses) has grown, housing stock has not kept pace; 3) Amenities like world-class culture and Michelin-starred restaurants are bundled into the cost of housing; and 4) Salaries here are higher, and the numbers show NYC households aren't as rent-burdened as one may think. So basically, just stop complaining. We're all living the good life. [NTY; previously]
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