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Billionaires are leaving NYC and in turn NYC lost over $300b in revenue.

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MrSquished

Diamond Member
Jan 14, 2013
7,613
2,505
136
"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.
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.

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/


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:

 
Nov 8, 2012
17,671
3,436
126
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.

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/


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:

I would argue that wages and wealth are keeping up just fine with inflation...... For everything but the very very very lowest skilled jobs that are being automated and outsourced.

That and there is a massive group of millennial generation that are surprised that colleges were willing to give anyone with a pulse a huge loan to get a certified starbucks barista degree.


As long as you didn't fall into the trap of those 2 groups - you're absolutely fine. Skilled service employment such as HVACs, carpenters, plumbers, and car mechanics are all non-college jobs that receive very good middle-class wages that have kept up with inflation. People that came out of school with a STEM degree or business degree are absolutely fine.
 

MrSquished

Diamond Member
Jan 14, 2013
7,613
2,505
136
I would argue that wages and wealth are keeping up just fine with inflation...... For everything but the very very very lowest skilled jobs that are being automated and outsourced.

That and there is a massive group of millennial generation that are surprised that colleges were willing to give anyone with a pulse a huge loan to get a certified starbucks barista degree.


As long as you didn't fall into the trap of those 2 groups - you're absolutely fine. Skilled service employment such as HVACs, carpenters, plumbers, and car mechanics are all non-college jobs that receive very good middle-class wages that have kept up with inflation. People that came out of school with a STEM degree or business degree are absolutely fine.
By pretty much every metric millenial wealth is lagging significantly behind their predecessors and will continue to do so. Their biggest hope is inheriting boomer wealth apparently.
 

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