In light of Bill de Blasio being elected yesterday as the new mayor of New York City, I thought I would post this interesting graphic I found on Atlantic Cities:
What it shows is a clear split.
If you live in Manhattan or nearby areas in Brooklyn, Queens and the Bronx, you most likely saw your property values rise from 2008 to 2012. However, if you live on the outskirts of the city, you may have seen your property values fall as much as 20% (the darkest red areas).
This shift back to city centers has been well documented and labeled, by some, as The Great Inversion. But in many ways it’s a symptom of a greater phenomenon at work: rising income inequality.
It’s happening in New York. It’s happening in Toronto. And in many other global cities. New York VC Fred Wilson believes that the solution lies in the three Es: education, empowerment and entrepreneurship. That sounds like a great start to me.