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Why New York City rents are sky-high

2010 August 7
by stefann

The concentration of “high-net-worth” individuals in 2009 is as follows:

  1. New York City: 667,200 (persons)
  2. Los Angeles: 235,800
  3. Chicago: 198,100
  4. Washington, DC: 152,400
  5. San Francisco: 138,300

A “high-net-worth” dude or dudette is one with $1 million or more in investment assets (i.e. money other than primary residence, collectibles, or durable goods like cars, appliances, electronics, etc.).   The data is from a research report by Capgemini that made its way in the NY Times.

Now, Manhattan has an official Census population of ~1,6 million people.  Granted, not all the millionaires live on the island, but most do, so approximately speaking, 40% of inhabitants have lots and lots of disposable cash.  No wonder my lame landlord charges me $2500/mo for a “large” studio with shitty 1970s windows that I’ve only seen in the Communist era in Eastern Europe.  Hey, PanAm! (my lame landlord)  Romanian peasants in the poor country-side now have double-glazed windows!  Be enlightened for once in your life!

Another interesting thought: no matter how enchanted we are with high-tech, the world is still ruled by old money.

Peace!

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