Is NYC really the city of the 1%?

A column in the weekend Financial Times by Simon Kuper (“Priced out of Paris”) has gotten lots of attention for its claim that the world’s great cities have been grabbed by the 1% to the exclusion of everyone else. For support, Kuper turned to Saskia Sassen, a distinguished Professor of Breathless Generalizations at Columbia, who concludes: “The capture by a very small number of cities of a lot of the excitement and wealth produced by the system – this is a problem.” Well yeah, but…. I can’t speak about the other cities, but this rather… Read More