![]() The government is taking quite a hit for each person that never returned to the city. Yes, NYC has made a more robust recovery than San Francisco, but it’s still not quite back to how it was. Once people realized they could work remotely and live a more spacious life outside the city, many didn’t want to crawl back into their studio apartments. So we are amid a mass exodus of lifelong NYC service workers. Many of these lifelong New Yorkers are aging into retirement, and it doesn’t make sense to stay there anymore. The first head is the demographic problem, which comes naturally with being part of the fastest-aging region in the US. While the finance bros working 80-hour weeks might be able to afford NYC prices, there’s a three-headed dragon wreaking havoc on everyone else … real estate. New York is a service-based economy, and anytime you have a system like that, cost of living becomes an issue. Straight Arrow News contributor Peter Zeihan looks at three reasons behind the slowing demand for NYC real estate.Įxcerpted from Peter’s July 5 “Zeihan on Geopolitics” newsletter: ![]() ![]() But regular folks - workers in the service industry for instance - are getting priced out of the real estate market and leaving in droves. The cost of living in New York City is 38% higher than the state average and 80% higher than the national average, so it’s no wonder that the Big Apple tops the list of the world’s wealthiest cities, clocking in with a total of 340,000 millionaires.
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