Well, just as I suspected.
I used to work at a Wall Street company ( the biggest securities clearing corporation in the US ).
In 2006, they embarked on a plan to move their data center to Tampa Florida from downtown NYC.
To entice those working in NYC, they paid for relocation and all with one condition — SALARIES WILL BE FROZEN for at least 5 years until the cost of living in Tampa reaches the one in NYC circa 2006.
Almost half of those who were given this offer took it up.
The rest, including myself ( since I have too many ties in NY state ), accepted a separation package eventually and moved on.
As for New York City, Average price per square foot for New York NY was $1,454, an increase of 2.6% compared to the same period last year.
SEE HERE: http://www.trulia.com/real_estate/New_York-New_York/market-trends/
Yup.
Most of the kiddies and furriners at Google are paying ridiculous rents and have no hope of buying, unless they want to live 50 miles from work. Or buy a closet...
We’ll see how long it lasts.