Miguel Afonso Caetano on Nostr: "New York has always been stuffed with rich kids chasing the dream on Daddy’s dime. ...

"New York has always been stuffed with rich kids chasing the dream on Daddy’s dime. However, it didn’t always feel as if those were the only people who could live here — as if the whole city bent to the budgets of the secretly funded. It does feel that way now because we’re living through a catalytic overlap: Rent prices are shooting up, salaries are not, and boomers are preparing to die. While they are being called the wealthiest generation ever to have lived — the right-place, right-time winners of both the housing and stock markets — their children are stalling out, scraping their flatlining bank accounts to pay rents that, in Manhattan, now average over $5,000 a month. Studio apartments sell for more than half a million. Full-time day-care tuition can run you $40,000 a year. For a lot of New Yorkers who are Gen X on down, markers of adulthood like buying a home, starting a business, or having a kid have gone from aspiration to fantasy — unless they’re lucky enough to benefit from a process financial analysts are calling “the Great Wealth Transfer”: the $124 trillion in assets that, over the next two decades, older generations will hand down to charities and, most of all, to their heirs."

https://nymag.com/intelligencer/article/boomer-generation-wealth-nyc-how-do-people-afford-to-live.html

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