How do people feel about NYC as a career spot given an extreme rise in cost of living
NYC continues to get more expensive every year. In general the coastal cities are becoming very difficult places to live with rent and housing prices shooting past even upper middle class wages.
I’m sure for younger folks in early 20s there will continue to be a draw. But at the same time, for people past their mid 20s I think people have to really think about it. Even a really nice 400k job in the city is nothing compared to an easier 200k job in the south. Do people see this cost of living thing impacting capital markets talent attraction going forward ? Do we see more interest in Chicago for instance as a financial hub for non senior folks ?
Totally valid and why I don't necessarily see myself there as a lifer once I get married/have kids. I'd say it's a good place to start, but you don't have to finish there.
The best thing that could happen to the city is if Mandami overreaches with his apartment takeover plan, and then courts smack him down and also repeal rent control in the process. The best thing that could possibly happen to NYC cost of living is getting rid of rent control so housing can actually get built. People somehow think housing just gets built by magic or investors are willing to fund that CAPEX just out of their own goodness.
I wish the IB and buy side firms would be open to being outside Manhattan. I know it’s a relationship job but when VPs at Goldman can’t afford a house in nice suburbs because good homes are pushing 3M now, then what? They just rent forever ? This is no way to live when your back office friend in Des Moines got the 400,000 house at age 24.
I completely agree. If there was something suitable in Austin or Miami I'd be gone tomorrow.
I was all hyped up about working in NYC/Manhattan, honestly after a year or so it all gets very boring. IMO if you're in a high paced job like IB/PE/HF, law, consulting etc, NYC is relly not that great of a place as you're barely enjoying what the city has to offer while being exposed to all the negatives (high COL, messy streets/public transport. etc)
Qui non quam eum optio. Culpa et non autem est qui illo ut. Tenetur doloremque odio at sit blanditiis. Qui ratione quaerat ipsum optio tempora rerum.
Repellat quisquam quis illo vel. Eum magnam cupiditate aut. Non animi facere eum.
Repellendus ea adipisci sed rem architecto. Aut cumque omnis saepe ut. Eos excepturi laudantium perspiciatis distinctio. Dolor fuga amet ut reiciendis magnam. Est aut ut optio ipsum sint quaerat.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...