• Nick Sorrentino

The exodus of New York City’s endangered middle class

Updated: Dec 27, 2018

San Fransisco, Chicago, and Detroit aren't the only cities hemorrhaging middle class folks. New York is experiencing a similar exodus.

(From The New York Post)

After decades of sharp income erosion in the face of relentless taxes, escalating living costs and wage reductions through technological changes, the full extent of this shocking exodus is laid bare in the latest US Census data.
That shows the city is losing 100 residents each day — with departures exceeding new arrivals.

New York was once a hell hole, with graffiti on the subways, and urban decay all around. Times Square was the porno capital of the East Coast (arguably). Harlem was practically a no-go zone. The Bronx about the same. We remember this New York well.

But it changed. Things got much better. For once the city had reasonably good leadership in Rudy Giuliani (with whom we have many problems) and suddenly The Big Apple didn't feel rotten anymore. For years it was much more Sex in the City than Escape from New York.

Now however more people feel like they need to escape. The appletinis went away a long time ago.

Electing a socialist/communist mayor wasn't a good move. DeBlasio shouldn't be running anything, never mind the largest city in America. But elect him the people of New York did and now the new New York slide appears to be gaining momentum.

Not that DeBlasio is entirely to blame, but he isn't helping things.

The cost of living in practically all urban areas is putting the crush on people with ordinary incomes. The city is increasingly, like California, a place solely for the rich and for the impoverished. We were headed in a more positive direction for a long time but cities seem hell bent of taxing and regulating everything they can these days. In such a high tax, highly regulated environment it is practically impossible to get by a middle class person. With a family? Fuggetaboutit.