It's Tough Out There for a Middle-Class New Yorker

Income levels that would enable a very comfortable lifestyle in other locales barely suffice to provide the basics in New York City, says the the Center for an Urban Future in a new report that merely provides data to back up what all city residents already new. The group estimates that the same quality of life that costs $50,000 a year in Houston will run you $123,322 in the Big Apple; San Francisco is a distant second at $95,489 with LA at $80,583 and Philadelphia at $69,196. In addition, many New Yorkers put up with commutes that double the national average of 25 minutes. One Brooklyn Bridge Park even gets an unnamed reference: “If it wasn’t already clear that the cost of living in New York City is greatly out-of-whack with the rest of the country, it certainly became apparent in early 2008 when a new condo development in Brooklyn Heights began selling individual parking spaces—not apartments, parking spaces—for as much as $280,000.” So it’s no surprise that the report finds that many people have been giving up on New York. In fact, twice as many people with bachelor’s degrees left New York in 2005-2006 than in the prior two-year period. So what’s to do: Among other recommendations, the report suggests diversifying the economy, focus on basic infrastructure and quality of life issues rather than building flashy new projects and increase housing stock that is affordable to the middle class.