Check out my 3CW column on @CurbedNY:
According to the 5/25 rule, the ratio of New York City jobs in the securities industry and the income they account for is 5 to 25: approximately 5 percent of NYC jobs come from the securities industry and they account for about 1/4 of personal income. With such a large, and disproportionate market share of NYC income, Wall Street has long been considered a lynchpin of the NYC real estate economy and perhaps most strongly aligned with Manhattan.
Still, it is a stretch to associate the ebb and flow as a predictor of future gains and losses in Manhattan housing prices, especially when considering deferred compensation. (Also, many Wall Streeters are getting paid from income deferred from a few years ago when times weren’t as good.) But it’s fun to chart. Especially after last week’s announcement by the State Comptroller of a 15.1 percent increase in both the Wall Street bonus pool and on a per person basis…
My latest Three Cents Worth column on Curbed:
Do Wall Street Bonuses Affect NYC Sales? [Curbed]