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Lower Manhattan's housing market, not jobs, booms

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A report by the state comptroller found that housing, not jobs, has excelled downtown

The Financial District, once a ghost town in the post-work hours, has become a hub of residential life in New York City since September 11. A new report released by state Comptroller Thomas DiNapoli and pointed to by Crain’s discovered that the number of apartments in lower Manhattan has more than doubled since 2000 to 30,000 units. With a surge in apartments comes a serge in residents: in 2014, nearly 50,000 people lived in the neighborhood—more than twice as many as in 2000.

What hasn’t been booming in the area in the past decade is job growth. Private-sector employment in lower Manhattan has grown to 228,300 jobs following the September 11 attacks. While that number is the highest it’s been in the past 15 years, it fails to exceed the number of jobs in downtown prior to September 11. Another interesting development in lower Manhattan: the financial sector no longer dominates the area’s jobs market. In 2000, more than half of lower Manhattan's jobs were in the financial sector, but that number teeters around one-third now.