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One of the things that amazes me is the new trend for Immigrants to by pass immigrant hubs such as NYC, Miami and San Francisco upon arrival in the US.
One of the things that amazes me is the new trend for Immigrants to by pass immigrant hubs such as NYC, Miami and San Francisco upon arrival in the US.
How can the average new immigrant these days, unless it's a person who is RICH, afford to NYC?
Parts of Queens that used to have 20 people to an apartment are gentrifying. All of Manhattan is under various stages of gentrification (even Upper Manhattan is getting expensive).
And these days it makes no sense to move to NYC for a working class service sector job. Unless you have family hosting you, you'll be sleeping in the park.
The crossflow your talking about has been going on for decades. People have always fled NYC for any number of reasons. But the fact you don't want to face is that more people always replaced them. This isn't changing. There are projections that NYC's population will break 9 million by 2040.
And the people moving in have better earning potential than those who are leaving.
Projections don't always work out though. Any number of factors could change things.
It's better to say if current trends persist, NYC will have 9 million by 2040. Regardless NYC will remain the nation's most populous city.
Only because the federal government poured billions into the financial infrastructure of the City to the long term detriment of the U.S. economy, something no other city got. Perhaps the next BIG one will not see such a generous federal government.
In essence, the rest of the country bailed out New York City.
The financial sector of this city has shrunk considerably. Bear Sterns is gone. Merrill Lynch is gone. Smith Barney is gone. Washington Mutual is gone. Wachovia Bank is gone. Lehman Brothers is gone.
The current city economy now gets in a lot more money from tourism, from real estate, from the tech sector and media, and from education (all of NYC's universities get a lot more attention).
I think Manhattan will be a place for people to own property, or to come to for business or study, but unless they work at certain Manhattan institutions there won't be many permanent residents.
Fine, but so far nothing seems to be happening to change those trends.
The people who are being squeezed out are b_itching about it (which is the theme you're picking up), but they're being replaced at a better than 1:1 ratio by newcomers, and the LLs are getting the rents their asking. If this wasn't happening, either no one would be complaining, or we'd be seeing lots of empty apartments and rents would be coming down (which they're not.) In point of fact, all the complaining validates what I'm saying.
Quote:
Originally Posted by NyWriterdude
Projections don't always work out though. Any number of factors could change things.
It's better to say if current trends persist, NYC will have 9 million by 2040. Regardless NYC will remain the nation's most populous city.
The names are gone, the operations still exist. Bear was absorbed by Chase, Merrill by BoA, etc. And there is an entire new layer of firms that have supplanted at lot of the big old ones in the hedge fund and private equity space. In addition, tech is booming both with big companies (think Google and Facebook) hugely expanding operations in the city (I know people working for both), and hordes of startups, many being funded by local venture capital. And the health care sector is on fire. Look at their real estate expansions Rockefeller University is building more out over the FDR. NYU/Langone is shoehorning two new buildings onto it's 1st Ave campus.
You seem to want to think that NYC on the brink of an implosion, when every piece of evidence points the opposite direction. At some point things may get too overheated and have to level out. But unless the underlying economy takes a hit, NYC will keep rolling along, and at a faster pace than the rest of the country.
I don't know what the inverse of whistling past the graveyard is (anticipatory schadenfreude maybe) but you're doing it.
Quote:
Originally Posted by NyWriterdude
The financial sector of this city has shrunk considerably. Bear Sterns is gone. Merrill Lynch is gone. Smith Barney is gone. Washington Mutual is gone. Wachovia Bank is gone. Lehman Brothers is gone.
The current city economy now gets in a lot more money from tourism, from real estate, from the tech sector and media, and from education (all of NYC's universities get a lot more attention).
I think Manhattan will be a place for people to own property, or to come to for business or study, but unless they work at certain Manhattan institutions there won't be many permanent residents.
How can the average new immigrant these days, unless it's a person who is RICH, afford to NYC?
Parts of Queens that used to have 20 people to an apartment are gentrifying. All of Manhattan is under various stages of gentrification (even Upper Manhattan is getting expensive).
And these days it makes no sense to move to NYC for a working class service sector job. Unless you have family hosting you, you'll be sleeping in the park.
But they're making it happen somehow, there are plenty of recent arrivals from Mexico, China, etc. who are lower income and living in NYC. Likely by living in overcrowded apartments.
We only shop on line using pea pod or fresh direct. Why would we want to take 2 hours out of our day to go food shopping .
We get a delivery every sunday morning by 7am . We don't miss a beat and the fact that i am not going through the aisles buying all kinds of stuff i don't need has dropped our food bill quite a bit.
Except for picking up a few items locally at times we only shop this way
The financial sector of this city has shrunk considerably. Bear Sterns is gone. Merrill Lynch is gone. Smith Barney is gone. Washington Mutual is gone. Wachovia Bank is gone. Lehman Brothers is gone.
The current city economy now gets in a lot more money from tourism, from real estate, from the tech sector and media, and from education (all of NYC's universities get a lot more attention).
I think Manhattan will be a place for people to own property, or to come to for business or study, but unless they work at certain Manhattan institutions there won't be many permanent residents.
Only Lehman Brothers is gone, a victim of the President's being surrounded by Goldman advisors and cabinet members. Goldman wanted Lehman dead, so Lehman was killed.
Washington Mutual, and Bear Sterns were absorbed into Chase. Bank of America absorbed Merrill Lynch. Wachovia was sucked into Wells Fargo. All this was accomplished with generous bundles of cash from the federal government.
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