In Daniel Gross wrote a great post in Slate called: Are Journalists Underpaid? : Pity the sad, broke New York Times reporter [Slate]. Let me answer that quickly: “Duhhh!!” They are writing stories about some of the most expensive real estate in the world, not forgetting the difficulty and scrutiny their work entails.
The recent real estate article by Jennifer Steinhauer called New York, Once a Lure, Is Slowly Losing the Creative Set [NYT] addresses this point quite clearly.
In a related pattern, the eventual loss of early artisans who pioneered downtown urban locations as residential usually get priced out by hipsters only to start the cycle again somewhere else. This has been occurring with more frequency as urban areas entice residents from outlying suburban areas into their revitalized downtown markets.
The New York Times article, while a fascinating piece, doesn’t quantify the loss, but I suspect it is significant. I haven’t found great data on this yet, so perhaps its too early in the cycle to measure. This phenomenon happened in New York long ago with loft neighborhoods such as Soho, Tribeca, more recently Chelsea and moved on to parts of Brooklyn and now So Bro (South Bronx.)
Enticing the creative to remain is one of the most important issues to sustain urban revitalization efforts in the long term.
Tags: Daniel Gross