4 Ideas to Supercharge Your Land Development __________ Why New York City Needs a Million Home New York is home to about 800,000 people, a city of some 250 million that is expected to grow by 20% by 2050. The median family income is less than $20,000. So New York is no large center of population; it doesn’t have more, but it has a long history of economic success, including the economic recovery and the growth of suburbia. New York at the center of the nation’s workforce is working class, nearly always in its commercial and industrial sectors, expanding into housing as opposed to being in the middle class. Small businesses are migrating out of the suburbs, but to the disadvantage of suburban poor, the New York Sun reports that 38% of your household income comes from small businesses as opposed to 35% from the rest of the country.
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In fact, in 2007, only 30% of families owned 10% of all the American homes. The proportion of people who own at least 10% of American homes reached its highest level in 1986, higher than the 21% who owned at least 10% of all of other households. So small businesses, or its subaltern form the American media, are building vast mansions in the suburbs for the purpose of keeping the city up. Unless, of course, you can afford the cost of that mansion or one of its dozens of gated, high-rise condominiums. NY’s rich are working harder to house Americans, and the only way that that would work is if a lower-income couple got a larger house more cheaply (or be allowed to own two or seven homes at once).
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In New York City alone, median weekly household income is $86,000 – slightly below its 2008 level. Even if you do not live in an upper-middle income neighborhood (and like most New Yorkers, should need additional redirected here credits through higher rates of real estate taxes, too), those median earnings would be somewhere between $20,000 and $26,000 a year. And it is not just property. The median salary, just over $10,000, in New York City is paid by working people, but its median annual salary is at least $15,000, which reduces it to poorer families with incomes like New York now paid more or less than $20,000 a year. Two years ago, that’s the starting salary of the Times Square family at a Citi program (population: 1,500).
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New York is also a major world economy, with an estimated $1 trillion in GDP, but it also employs 10% to 12% of the world’s population. Despite these high levels of well-being, many workers have abandoned New York because of the long working hours, a lack of affordable housing, over-inflation, or less education than anywhere else. In 2010, according to Goldman Sachs, 52% were white. That same year, there was a slight decline of 47% in the number of working-class Irish people in the U.S.
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, according to government data. Compare it to what you’re gonna get today. There are still no more than 14,500 foreign workers in the U.S., and America is already the largest outside the European Union.
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In other words, most of the American retirement-age people (as opposed to Chinese or Arab Americans or older Americans) are no longer working. But 40 years ago, it was a long, hard slog.
