the problem in nyc is that inhospitable to the middle class working in private industry. the city is for the rich , for the poor and for the government workers which provide services to those classes, much of the middle class in ny work for the government with benefits available in the private sector only to those making 120k+ in the private sector. the so called poor receive income and benefits and the ability to work off the books that people living in Tenn. etc. can only envy.
isnt minimum wage 15/hr? how can 30-60k/yr be middle class? I think these number are below entry level
comptroller.nyc.gov NYC minimum wage: $13.50 ($15 on 12/31/2018 watch the unemployment rate if properly measured go up. watch for longer lines at cash registers,
Before trading, my day job of 30 yr took me from NYC to Nawlins with lots of time all along the route. Jersey burbs to eastern KY backwoods. Memphis shooting range to Pecan Island mosquitos/gators. Worked for the multi$B corp down to running my own. It's been my experience that culturally, the 'envy' factor does not significantly enter the picture as very few really take the least amount of time to get a grip on the other's culture nor even have any desire to learn about it. But the dichotomy is becoming more severe as intolerance finds its way into law/regulation and ultimately cost of living. On average ... urban dwellers assume Rurals are unsophisticated clods that must be assimilated into their culture for their own good and Rurals increasingly shun Urban dwellers as being more and more disconnected from reality and unsustainable ... even threatening to their lifestyle in their unwillingness to just live and let live. As freedoms get increasingly clipped, I find myself with more in common with the folks in the Exurbs, even though I will likely never be fully accepted here. My only point is that these cultural differences are what those contemplating relocation need to be sure of before plopping hard investment down into a different environment. Moving twice is suboptimal.
A relevant blog post.... https://www.armstrongeconomics.com/world-news/taxes/mass-exodus-from-nyc-due-to-taxes/ Quote; ---------- Taxes have begun to cross the point of no return in New York City. New York City is losing its middle class faster than at any time since the Great Depression. While the rich get richer from investments and the poor get richer from increased social benefits, the loser is always the middle class. The latest US Census data reveals that NYC is losing 100 residents each and every day as people are simply fleeing in search of a better quality of life where the local governments are less oppressive. What is beyond reason is normally the price of anything declines if you buy it in quantity. Corruption in government works in reverse. The taxes you pay in cities are always higher than in the suburbs where you would think you should be paying less because there are more people contributing. Governments just defy logic. As the middle-class leave, everyone else will suffer. The rich get richer from investments which are generally are tax-free until you sell them, except in real estate. The poor get the benefits so they do not contribute. It is the average worker who pays payroll taxes who the governments can count on until now. The tax-increases have been relentless, the ever-rising living costs accelerated by real estate taxes and insane healthcare increases every year, and wage reductions as technological advances help replace workers without pensions and healthcare costs. The middle-class who have any brains left are looking for greener pastures. just to survive. The Democrats always promise the world and will raise taxes on the rich, but that never seems to lower taxes for the middle-class. Taxing the rich only enriches the politicians. The rich can move their investments to more favorable jurisdictions, but the wage earner cannot transport their labor to a more friendly environment without moving themselves. The poor do not have to leave as long as the benefits keep coming. But sooner or later, the house of cards collapses for all that will be left are government employees and those demanding benefits. ------------- UnQuote