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NYC Is a Pretty Good Baragin If You're Rich, Says NY Times Magazine

 
NYC Is a Pretty Good Baragin If You're Rich, Says NY Times Magazine
Posted April 23rd, 2013 @ 12:40pm

(Chris Robbins) Sure New York may seem like a cripplingly expensive prison of GrubHub ads and broker fees, but it's totally all in our heads. Today the Times looks at a study and finds that NYC is actually a pretty good bargain! And to think, we spent all this time with our heads bowed, staring at the ripples of dirt in the pavement, wishing dearly to be transformed into an ant, an innocent ant that doesn't receive automated overdraft notifications or—wait, sorry—we misread this thing. New York is a pretty good bargain if you're rich.

According to a study by UPenn economist Jessie Handbury [PDF], people who earn $100K or more in cities like New York actually pay less for things like groceries or high-end goods because there is more competition for their business, and because market factors allow the cost of distributing nice things to be spread around evenly.

What's puzzling about the Times' take is that they dance around this salient point: who makes $100K or more in New York City?

Lo, the path to Happiness lies in a thorough regimen of cold showers, self-flagellation, and turning a blind, humble eye to the lobsters people are having delivered to their office at the click of a button.

Read More: Gothamist

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