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A comment on Why Paul Graham is wrong about New York City. Parent comment
Also, it may be an Alchian-Allen thing: if you're paying a fixed cost just to live in the city, luxury is comparably less of an indulgence. See: http://www.nationalpost.com/loveandsex/story.html?id=296085
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Also, it may be an Alchian-Allen thing: if you're paying a fixed cost just to live in the city, luxury is comparably less of an indulgence. See: http://www.nationalpost.com/loveandsex/story.html?id=296085