- Jan 14, 2013
The first tech boom led to the dot com bust you mention. Gotta boom to bust. Pretty sure that's what Starbuck was referencing. The more recent rise in tech companies is also called a tech boom, technically tech boom 2.0, and it hasn't busted yet."Tech boom" I tend to refer to the likes of Napster, MySpace, Facebook, Netflix, Apple, etc.... The time period you're referring to is Dot com bust. Maybe I'm mistaken though?
Regardless, as a kid that grew up in the 90's - I definitely don't recall any push or drive to go back to urban living. Our suburbs expanded like crazy throughout my early years.
Unfortunately for millennials, wages and wealth are simply not keeping up with everything else: https://www.cbsnews.com/news/millennials-have-just-3-of-us-wealth-boomers-at-their-age-had-21/
Boomers had seven times the wealth at age 35 than millennials will at the same age
The silver lining of Covid is that rents and prices correct themselves in the most expensive cities like NY and the circle of life continues once again.
This is the population trend of NYC:
Chart and table of population level and growth rate for the New York City metro area from 1950 to 2020. United Nations population projections are also included through the year 2035.