As a New Yorker myself I do wonder where this ends up. Me and my relatively well paid friends can afford to live here but we depend on a lot of lower paid folks for the city to function. Grocery store clerks, delivery drivers, coffee baristas, all that sort of thing. Maybe right now they have a half hour subway ride to work and that’s acceptable. But as they get pushed further and further out it’s going to break down somewhere, no one is going to commute 90 minutes for a minimum wage job when there are plenty of jobs available elsewhere.
Wages will need to go up, which means the costs of goods and services will need to go up, and the city will get even less affordable.
Wages will need to go up, which means the costs of goods and services will need to go up, and the city will get even less affordable.