The demographic consequences of the New York renaissance:
Since 2000, the number of young children living in parts of Lower Manhattan has nearly doubled. The poverty rate declined in all but one New York City neighborhood. A majority of Bronx residents are Hispanic.
And the number of white people living in Harlem more than tripled, helping to drive up median household income there by nearly 20 percent — the fourth-highest jump in the city.
When I was a young child in lower Manhattan, we were a very very rare breed.
It’ll be interesting to see what kind of consequences the financial crisis will have for the city. On the one hand, New York should be unusually hard hit. But on the other hand, New York is an unusually rich and expensive city as things stand. Price declines could easily just lead to less-rich people taking up housing units rather than to vacancies and slum conditions.
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