Posted on 05/09/2024 9:06:59 AM PDT by ChicagoConservative27
Pay day seriously pales compared to rent day — and it’s only getting worse.
A new report has found that, since 2019, rent has gone up on average 1.5 times faster than wages in 44 out of the nation’s 50 largest metros, and nowhere more so than in New York City.
According to an analysis by StreetEasy of data from Zillow, the US Bureau of Labor Statistics and its own site, the Big Apple has seen the greatest gap in rent growth relative to wage growth in recent years.
Specifically, the city watched wages go up 1.2% between 2022 and 2023, while rents went up 8.6%, a 7.4 percentage point difference.
That’s far more than any of the other top 10 wage-rent growth gap cities. Boston, which came in second place, had a 6.8 point difference (with its wages going down by 1% and its rents going up by 5.8%) and Cincinnati, which came in third, had a 6.4 point difference (wages went up .9% while rents went up 7.3%).
(Excerpt) Read more at nypost.com ...
I don’t believe it. Why, even immigrants who come to this country with nothing more than the clothes on their backs can find housing in the finest hotels in NYC.
No one wants to live there anymore, it’s too crowded.
who is dumb enough to even pay rent in NYC when the landlord can be stiffed or you can claim illegal “immigrant” status and live rent free?
Wages have largely stagnated since the early 1970s. Productivity is way up over the past 50 years but wages have not kept up. Now we see basic expenses (like rent) moving beyond the reach of many people. Our economy is broken and has been for a long time. Basically, we are serfs in a techno-feudal society.
Look for government assistance.
In simple terms, the Cantillon Effect says that the rich get richer, while the poor get poorer. This is because those who have a direct connection to the source of new money, such as large corporations or wealthy individuals, tend to benefit first and most from the injection of new funds. Those who are further away from the source, such as small businesses or individuals, may not receive the benefits until later, or may not receive them at all.
Women, children, poor and minorities hardest hit!!!!!........ U
In Mass they are rezoning for 296,806 housing units without a limit to the number of bedrooms, without occupancy limits..........to fight the “housing crisis”. If communities don’t comply they lose state grants.
This does not apply to the Cape or the Islands, the Berkshires, Boston, just where the working class live.
Said to be the model for what’s to come in a 2nd Biden Administration across the US.
The bill was signed on Jan 6, 2021 during the Shudown in the middle of the night.
I HAVE A DREAM … that one day New York City will be turned into a prison camp for Branch Covidians.
Cash Jordan is the best
Which has nothing at all to with the MILLIONS of new residents (aka illegal aliens) who all need a place to live. Nothing at all.
Stupid, stupid leftists.
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