Quote:
Originally Posted by CaliNative
If NYC "never recovered" the middle class could still afford to live there.
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That makes zero sense, in that housing burden in the NYC metro has been flat over time. In other words, a median household in 1970 had about the same housing purchasing power as in 2019.
And housing valuation growth in the U.S. generally benefits households, as most households are already homeowners. All things equal, a middle class couple in 1970 California is much richer today than a middle class couple in 1970 Ohio today.