Interesting article on those under 30 fleeing New York.
http://www.nydailynews.com/ny_local/2011/05/13/20…
"Escape from New York is not just a movie - it's also a state of mind.
A new Marist College poll shows that 36% of New Yorkers under the age of 30 are planning to leave New York within the next five years - and more than a quarter of all adults are planning to bolt the Empire State.
The New York City suburbs, with their high property values and taxes, are leading the exodus, the poll found.
Of those preparing to leave, 62% cite economic reasons like cost of living, taxes - and a lack of jobs.
"A lot of people are questioning the affordability of the state," said Lee Miringoff, director of the Marist College Institute for Public Opinion.
An additional 38% cite climate, quality of life, overcrowding, a desire to be closer to family, retirement or schools.
The latest census showed New York's overall population actually increased, though parts of upstate shed population and jobs.
A full 53% think the worst is yet to come for the state's economy, while 44% say things should start improving.
"As the state of the economy fails to recover, New Yorkers see this not as a sluggish rebound, but as a sluggish economy," Miringoff said.
During a visit to Buffalo yesterday, Gov. Cuomo yesterday said attracting and retaining jobs is a priority for his administration.
"We have to keep jobs here and we have to develop new jobs," he said. "And we want to start bringing back jobs from other parts of the country."
Read more: http://www.nydailynews.com/ny_local/2011/05/13/20…
Without time series data that article tells you nothing. It doesn't even let me know if New Yorkers' expectations have improved from the last time it was taken, let alone give long-run data.
New York City is and always has been a transitory destination; it is not at all unusual for people to move there for a few years, then move on. This trend has been going on for decades; persistency rates are very low in large cities. A 36% exodus rate among those under 30 would, going off what I remember of US migration trends, not be at all unusual on an historical basis.
The article also fails to maintain internal consistency. Is it really trying to argue that people in their twenties are leaving because of concerns about retirement? What a crock of shit.
You need to learn to question what you read.
they are going to start flooding baltimore, philadelphia and boston.....maybe dc
You mean like how the NYT wants us to believe Philly is the new Brooklyn?
http://www.nytimes.com/2005/08/14/fashion/sundaystyles/14PHILLY.html
I thought about doing a piece on this, but Josh Brown said it all earlier today:
http://www.thereformedbroker.com/2011/05/13/fleeing-new-york-state-of-m…
I think a lot of people are starting to see that the lifestyles afforded by mid-large sized cities in the midwest and on the west coast are a lot more sustainable. It's also a lot more stable and doesn't fluctuate as much as the rest of the US, that includes bear AND bull markets.
I guess what I'm saying is: move to Denver. ;)
as a lifelong new yorker, i cant wait to move the hell out.
i can work from practically anywhere with a wifi connection, it's just so hard to make the move :(
Yea, I mean, aren't most people planning to leave NYC as soon as they can afford a nice enough house, or have a family, which typically is happening around 30. Looks like some crack newspaper reporting there!
That being said, if you don't need your business to be in the city, why wouldnt you want to locate it in a secondary market like a stamford or bridgeport or whereever and just take the train on days you need to be downtown?
I don't know Drexel, for 1K a month you can take the train to NYC as much as you want. Considering that you can buy houses in the city or rent nice places for a fraction of the cost, it might make sense in some circumstances.
NYC is a great city, but unless you absolutely need to be there, living in the city is just too expensive to justify any other way.
Maybe it's because of this guy...
Regards
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