New York

I’m a big fan of New York. Obviously, one of the greatest cities in the history of the world.

But, I have a bad feeling about what’s coming down the pipe there.

First of all, it’s revealed that about 40,000 of its millions of people pay over half the taxes in the city. Of those, probably 39,999 are rich via financial products, derivatives, funds, real estate or some other vocation currently under attack by both their own marketplace and our infallible government.

So, that’s a major problem.

Secondly…it’s just not that attractive of a place to live. I mean, I understand people who live there love it there, but that’s true of almost everywhere…..and it seems that part of the reason that New York is so amazing to live in is the thriving social/economic and arts scene….all set to decline quickly during the upcoming great depression. It’s certainly not for the view or ease of living.

But most importantly…WHO is going to move there? With the new maximum wage set at $250k/year, who can afford it? It’s pretty obvious to me that very few people who live in NY are actually from NY….most are there for the opportunity, which is diminishing as the industry that literally supports the entire city crumbles.

A lot of NYC MBAs are going to find that life can be pretty decent in smaller cities on chump change like $200k/year. In fact, at that rate you’ll probably be able to afford a home that doesn’t share 5 of its 6 external surfaces with a complete stranger.

So, I’m worried about New York. I have a feeling that some very difficult times are ahead for that city…especially given the amount of responsibility that has been placed on the shoulders of so few producers.

In the end, NYC will reinvent itself, stick it through and remain the greatest city on earth….but there is some tough sledding ahead and I see no reason why ANYONE “has to be in NYC” anytime soon.

I’d love to hear from some New York natives….are you restless? Do opportunities seem distant, or am I projecting economic data onto an easy target here?

And lastly….do you know of any good deals on apartments in Union Square area?