The Price To Pay!

Not surprisingly, in a recent survery of the most expensive cities in America to live, New York came out on top. Congrats! Compared to an average family of four in Anywhere, USA who makes $60,000, New Yorkers have to earn nearly $150,000 to have the same purchasing power. Furthermore, nearly 70% of income has to be devoted to housing costs. This is all well and good as prices of your condos are going up 20% a year, but what will happen when prices start coming down. New York is going to be even more grumpy. The glowing facade of asset inflation will give way to the growling frowns of asset deflation. People have been in the fire for so long, they don't realized they're cooked.

I Love N.Y.