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United States: New York still attracts despite the cost of living

Young people leave, disgusted by the increase in rents. Crime? Let’s not talk about it. The price of restaurants: insane. Culture? Inaccessible. And then the streets of Manhattan remain scattered, Covid obligation and teleworking. Not to mention the 60,000 homeless people, the floods that threaten climate change … It’s time for
pack your bags and leave for Miami or Austin. Or not. For nearly thirty years we’ve been hearing the same refrain here: New York isn’t what it used to be. The golden age has passed.
The decline threatens.

By the time we arrived, the city was barely recovering from the rampant crime of the 1980s. Real estate was treading on the water, weighed down by the exodus of whites to the suburbs. And then there was September 11, 2001. Then the crash and recession of 2008-2009. Then Hurricane Sandy in 2012. Then the pandemic and its supposed permanent effects on the most densely populated city in the United States. Then this coming crisis, fueled by inflation. Hiring of young people for a first job fell by 30%, with entry-level salaries no longer sufficient to pay an average rent of nearly $ 3,600. The city is even more expensive and the number of serious crimes has increased by 26% in one year.

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