If you are thinking about moving to New YorkCity, don’t. Unless you are a millionaire, have incredibly wealthy parents, or want to live a life trapped in never ending debt, New York City is not the place for you. With average real estate reaching a historic high, the average home costs a whopping $1.87 million, while average rent is now over $4,000 – another record for the city that is now almost exclusively the playground of the rich.
To put this in perspective, 9 of the 10 top professions in America pay less than $35,000/year, meaning a single person would be losing over $1000 a month, not paying any bills or eating any food while working full time just to stay in the Big Apple. Of course this isn’t realistic – you’d just be homeless, like the tens of thousands of New Yorkers priced out of the market and forgotten by society. It is hardly surprising that the city is experiencing a homeless epidemic, with the numbers not seen since the Great Depression.
It doesn’t require much thinking to see how this has happened. Wall St salaries dwarf those of other industries, so much so that the average Wall St bonus is almost 400% of an average American worker’s salary:
This insane disparity skews the market, driving up prices and flushing out native New Yorkers and anyone else who wants to live there. This is of course completely insane, but then market capitalism is not concerned with the welfare of human beings. The relentless pursuit of profit has now turned a once great capital city into a cesspool of banal corporate greed. While there are still New Yorkers holding on to their city, it is hard to imagine seeing it as a sustainable place to live as house prices and rent continues to rise and the cost of living is becoming so intolerable that individual survival becomes an unknown proposition, let alone raising a family or investing for the future.
There is one thing we should be grateful for though – New York is now a perfect case study of how not to run a city. It is a classic example of the destructive power of unfettered capitalism and the worship of the rich – a city so dedicated to making its wealthiest citizens wealthier that is now unlivable for everyone else.
Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.