Wednesday, December 11, 2013

Luxury cities: New York and San Francisco

Rincon Hill: 64 stories of luxury condos

The Revolt Against Urban Gentry
by Joel Kotkin

The imminent departure of New York’s Mayor Michael Bloomberg and his replacement by leftist Bill DeBlasio represents an urban uprising against the Bloombergian “luxury city” and the growing income inequality it represents. Bloomberg epitomized an approach that sought to cater to the rich—most prominently Wall Street—as a means to both finance development growth and collect enough shekels to pay for services needed by the poor... 

similar argument was made recently about California by an urban liberal (and former Oakland Mayor) Jerry Brown, who claimed the state’s highest-in-the-nation poverty rate reflected its “incredible attractiveness"...The revolt against this mentality surfaced first in New York perhaps because the gaps there are so extreme. Wall Streeters partied under Bloomberg, but not everyone fared so well...

San Franciscans turned down a new luxury condo development along their waterfront in large part because it was perceived as yet another intrusion of the ultra-rich. Even as the city enjoys its most recent tech bubble, resentment grows between the tech elites, including those traveling on private buses to Silicon Valley, and ordinary San Franciscans struggling to cope with soaring housing costs...

Read the whole thing here.


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7 Comments:

At 2:13 PM, Anonymous Anonymous said...

Funny how you say young people aren't moving into cities and then complain about young people moving into San Francisco. Makes sense!!!!

 
At 3:35 PM, Anonymous Anonymous said...

Why do you choose to live in a city if you hate cities

 
At 3:49 PM, Anonymous Anonymous said...

What the hell is Kotkin smoking?

The departure of Bloomberg represents term limits. If Bloomberg ran again he'd win in a landslide.

Kotkin also rails on Brown. Brown was rejected by voters by electing him Governor.

 
At 4:18 PM, Anonymous Anonymous said...

Hey Rob you know what's crazy and you should fight against--the taxpayers subsidize $100+ billion in highway spending each year!

http://taxfoundation.org/article/gasoline-taxes-and-tolls-pay-only-third-state-local-road-spending

Crazy, right? Or do you have some slick explanation for this?

 
At 4:19 PM, Anonymous Anonymous said...

It's a good thing finally young people are moving to the suburbs. Finally, rents are going to come down! Thanks Joel Kotkin for the great news!

 
At 9:55 AM, Anonymous Anonymous said...

Well, I checked Craigslist and darn it, rents are still high. But maybe tomorrow the young people will move to the suburbs, just like Joel Kotkin predicted!

 
At 2:53 PM, Anonymous Anonymous said...

BOBBY WERE ANXIOUSLY AWAITING YOUR NEXT POST ABOUT THE MTA BIKE COUNTS THAT WERE JUST REALEASED!!! WHY IS BIKING INCREASING 96% BUT CARS ARE REDUCING AND HOW ARE U GONNA BLAME THAT ON THE BIKE LOBBY MONSTER FUNDAMENTALISTS

 

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