Why Rent Is So High and Pay So Low
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Why Rent Is So High and Pay So Low
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Re: Why Rent Is So High and Pay So Low
#2Long winded article and it doesn't even answer the question.
Rent in NYC is high because people are paying it.
Your pay is low because you decided it is. Lots of CEOs think their pay is low too as they drive a new Lexus off the dealership lot.
Re: Why Rent Is So High and Pay So Low
#3Long winded article and it doesn't even answer the question. Rent in NYC is high because people are paying it. Your pay is low because you decided it is. Lots of CEOs think their pay is low too as they drive a new Lexus off the dealership lot.
The article provides historical context and a framework to think about the question. I think it does a better job answering the question than your last 2 paragraphs.
Re: Why Rent Is So High and Pay So Low
#4Long winded article and it doesn't even answer the question. Rent in NYC is high because people are paying it. Your pay is low because you decided it is. Lots of CEOs think their pay is low too as they drive a new Lexus off the dealership lot.
The article provides historical context and a framework to think about the question. I think it does a better job answering the question than your last 2 paragraphs.
The article tries to backdoor an emotionally resonant populist political view in the guise of concern. If you think it does a good job answering the question, that probably just means that you have a converging viewpoint.
Re: Why Rent Is So High and Pay So Low
#5The author looks to be drawing a lot of conclusions from a very limited set of data. His examples about prices are only from Manhattan and London. He also compares median wages in New York to rents in Manhattan, which is just lazy. I don't doubt that the rent/income ratio has gotten worse in New York over time, but an apples to apples comparison would have been nice to see.
I don't even disagree with the sentiment expressed in this article. I just think it was woefully under-researched.
Re: Why Rent Is So High and Pay So Low
#6This article doesn't answer the question and seems primary based on nostalgia.
My theory: the Fed's zero interest rate policy is very good at inflating asset values: S&P500, housing, you name it.
Rising income is a second-order effect: we hope that rising asset values will lead to increased wages. That used to be the case, but no longer is. Why? Because of automation and globalization probably.
So, the Fed has the pedal to the metal for seven whole years and we get mediocre job growth, no real wage growth, but screaming high housing costs and stock market. And who owns the most real-estate and stocks? The wealthy do, which is why inequality is growing.
Even though I'm critiquing the Fed's policy, I don't have the answers and would probably pursue the same policy. It's a real conundrum. Perhaps basic income, or some other "throw money from helicopters" idea is the solution.
Re: Why Rent Is So High and Pay So Low
#7Long winded article and it doesn't even answer the question. Rent in NYC is high because people are paying it. Your pay is low because you decided it is. Lots of CEOs think their pay is low too as they drive a new Lexus off the dealership lot.
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Re: Why Rent Is So High and Pay So Low
#8Long winded article and it doesn't even answer the question. Rent in NYC is high because people are paying it. Your pay is low because you decided it is. Lots of CEOs think their pay is low too as they drive a new Lexus off the dealership lot.
The article provides historical context and a framework to think about the question. I think it does a better job answering the question than your last 2 paragraphs.
After finishing it, I'm almost certain the author just produced a shorter more accessible version of the argument from "A Brief History of Neoliberalism" by David Harvey. It's basically a Marxian interpretation of the issue.
Re: Why Rent Is So High and Pay So Low
#9you dont know high cost of living with low salary if you haven't lived in vancouver, bc.
https://docs.google.com/spreadsheets/u/1/d/18UwaThgGikSXzinn...
You can see based on that the average is around $45~50k CAD (if the salary field is blank assume $50k or less as these are less well known, smaller companies with tighter budgets)
rent for studio or 1 bedroom apartment in downtown area where lot of jobs are located is around $1300/month (nvm, it appears to have gone up in the past 3 years, $1700/month according to another users comment).
Re: Why Rent Is So High and Pay So Low
#10This article doesn't answer the question and seems primary based on nostalgia. My theory: the Fed's zero interest rate policy is very good at inflating asset values: S&P500, housing, you name it. Rising income is a second-order effect: we hope that rising asset values will lead to increased wages. That used to be the case, but no longer is. Why? Because of automation and globalization probably. So, the Fed has the pe…
This is not a bug it is a feature.
The rich are a lot smarter today than when they were the descendants of feudal landlords - 100 years of meritocracy combined with assortative mating makes for a very clever ruling class.
Edit. Spelling.