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Image of the day: Expensive cities are forcing out college-educated workers
Even high-income workers can't afford it
Coastal Cities Priced Out Low-Wage Workers. Now College Graduates Are Leaving, Too (May 2023). By Emily Badger, Robert Gebeloff and Josh Katz in the New York Times.
There’s no doubt a lot going on here (and every expensive metro doesn’t look the same), but it’s hard to escape the conclusion that this is in large part about cost of living — and housing in particular.
Very little has budged the housing politics of these coastal metros (ahem, NY). I wonder if this will: Many of them are now losing the one demographic — college-educated workers — that big cities have spent the past 20+ years vying to capture.
It is truly remarkable when lawyers, consultants, educators + advertising folks feel they can’t afford to live comfortably in your city.
That is where NY, SF, DC, LA and Seattle are now.