I've really liked your writings on NYC politics and agree with your broader points in this article (real estate is too expensive in the city) but had issue with this line "In America..there are very few ways for people who do not get very lucky in business to accumulate wealth over a long period of time".
That does not reflect the reality of America today. Over a third of households earn over 100K each year, and the median income is 70K. Many of these people live in locales that are dramatically cheaper than NYC...allowing them to save, invest, and accumulate real wealth over the long-term. This definitely doesn't include all of America, but I don't think it is true that "very few" people can accumulate wealth in this country.
I’d been meaning to start contributing to your excellent newsletter but this cinches it for me. The willingness to think BIG about affordability is what I want to see in every elected. Supporting journalists who are willing to ask those questions of gov is part of how we get to that world.
I've really liked your writings on NYC politics and agree with your broader points in this article (real estate is too expensive in the city) but had issue with this line "In America..there are very few ways for people who do not get very lucky in business to accumulate wealth over a long period of time".
That does not reflect the reality of America today. Over a third of households earn over 100K each year, and the median income is 70K. Many of these people live in locales that are dramatically cheaper than NYC...allowing them to save, invest, and accumulate real wealth over the long-term. This definitely doesn't include all of America, but I don't think it is true that "very few" people can accumulate wealth in this country.
I’d been meaning to start contributing to your excellent newsletter but this cinches it for me. The willingness to think BIG about affordability is what I want to see in every elected. Supporting journalists who are willing to ask those questions of gov is part of how we get to that world.