>And those people 'just moved' to NYC after all.
When the rich get priced out of downtown, they don't move to KC. They move to cheaper areas outside of downtown and drive up prices for lower-income people living there. When four young professionals pile into an old single family home because there aren't enough apartments, that drives up prices for families who have one or two sources of income, not four. This affects everyone who lives in a city, not just wealthy transplants. Yuppies are not the ones being displaced. The solution is a steady increased supply of market-rate housing.
Politically induced zoning density restrictions which benefit landholders over tenants and those who wish to buy housing should be reversed and then allow markets to create more housing. The cost of the high cost of housing is for this reason -- a market failure called "rent seeking." Fix the market inefficiency, -- the market failure -- and everyone but landholders benefit.
Sometimes, you just can't have everything you want.
I've done Southern suburbia life, and now North East city living and I can tell you N=1 you'd have to pay at least 5x my salary to even tempt me into going back.
The marketing message might be that urban living is the only acceptable life choice solely because of the date of your birth (astrological reasoning) but apparently only a very small percentage of people are getting that message. Enough are, such that prices are out of control in the fad areas, but almost no one lives there on a nationwide basis so it doesn't matter as a national issue, which is why its not getting fixed.
A good analogy is every christmas season has "the toy" that is in insane demand that perhaps 95% of the population do not want, but the demands of an extremely vocal tiny minority always result in a human interest story on TV. Doesn't mean its important or a universal desire for all humanity, just means its good clickbait.
There's a luxury downtown apartment building a block from where I work that I acknowledge exists. Approximately 120 rental residents have gotten the message that urban is the only way to live and suburbs are passe and unstylish, and they pay five times my mortgage in rent for the "privilege". However, I live in a burb 20 miles away with an eighth of a million other people unwilling to pay five times more than our mortgage as apartment rent. And our schools are top of the line as opposed to the urban district being reported as worst in the nation. Similar, predictable street crime stats. And my burb doesn't have panhandlers lining the freeway ramps and homeless people pooping on the sidewalk, but somehow I survive the lack of those cultural attractions at my home.
"About 1 in every 38 people living in the United States resides in New York City." [1] I wouldn't call that "almost no one".
>There's a luxury downtown apartment building a block from where I work that I acknowledge exists.
I wouldn't complain, if those "luxury" downtown apartments didn't exist, your nice little suburb would be more expensive, those people have got to live somewhere. "Luxury" is a meaningless buzzword that developers like to put on their marketing materials.
[1] https://www1.nyc.gov/site/planning/data-maps/nyc-population/...
I earn a 95%th percentile income for my area. The only urban housing being built is for people paying 5x as much as my income. That is a very small fraction of the local population. If income were linear instead of exponential that would be less than 1% of the population can afford urban living, the other 99% will have to live in the burbs or somewhere other than urban areas. If someone earning five times my income were kicked out of their apartment, they'd likely be living in a place much nicer than my burb, not that its anything bad, but its probably only the 3rd wealthiest burb in the area. There would be effects in the border areas where 120 people would be pushed downwardly mobile thru all the neighborhoods.
Granted the 'burbs aren't that far away compared to other cities—but our public transit's also terrible (likely too spread out to every have great public transit, no matter what) so you'll always be driving.
Nailed it. If I could drive 10-20 minutes and catch a high speed rail of < 1 hr to get to work, I would certainly do so.
Instead I rent a room from a person much wealthier than I a mile or 2 from the city center.
Lots of people can't. Most people don't work in tech, and probably can't. Telling service workers to live in the boonies and commute an hour and a half by car to their minimum wage job is stupid and tone deaf, obviously there are better solutions.
>use newly affordable automobiles to get to their workplace
Many metro areas are so congested automobiles are no longer the convenient affordable choice they used to be. For some mass transit is less about being planet-conscious and more about not wanting to sit in traffic for half the day and spend $300/mo on parking.
Property is hardly an optimal free market and there's lots of things we can do to improve the situation other than making fun of "Millennials". Most people I know would happily pay less to live outside of the city so long as they were still well-connected to the city center by the transit network. Expanding and improving commuter rail access and building denser more appealing suburbs will be big wins imo.