Perdido 03

Perdido 03

Friday, September 20, 2013

Bloomberg's Real Estate Policies Drive Increase In NYC Poverty

This must be the fault of schools and teachers:

The latest U.S. Census data is drawing a troubling picture of the struggles of many New Yorkers living in poverty.

It also shows the number of city residents living below the poverty level is on the rise.

According to the data, 21.2 percent of New Yorkers are in households below that level.

That includes 31 percent of children age 17 and under.

Meanwhile, 19.1 percent of those 65 years and older are also below the poverty level.

Nationwide, for a family of four, poverty is defined as living off less than $23,492 a year.

NYC is way above the nationwide average:

The Census data shows 15.9 percent of Americans nationwide, or roughly 48.8 million, lived below the poverty level in 2012.

One big reason, besides the economic downturn of '09 for the increase in poverty in NYC?

Bloomberg's real estate policies:

Nearly 40 percent of the city's landmass will have been rezoned by the end of Bloomberg's reign — probably his most significant legacy, especially considering the new construction the zoning changes enabled. The particulars vary by neighborhood, but the driving idea has been unvarying: Development equals economic growth.

Yet success drives up rents and strains the finances of longtime middle-class residents. Nearly one third of New York's renters now spend more than half their monthly income on shelter… As the proportion of millionaires climbs, so does the share of New Yorkers living at or near the poverty line. 

Bloomberg has made this city a luxury product for the wealthy.

Everyone else, as far as our billionaire mayor is concerned, can go screw themselves.


  1. Thank you for saying that:
    A luxury product for the wealthy.
    Yep, the rest of us can go screw ourselves.
    Ya think Obama is different?
    Ya think Rahm Emmanuel is different?

    1. If you are a regular reader of this blog, you know I do not think they're any different than Bloomberg. Neoliberals, all.

  2. Bloomberg said it himself: "New York is now a high-end product." Usually, NYC mayors at least have a pretense to populism. Bloomberg has been unabashedly elitist from day one and the city still voted for him thrice.

    1. Actually, that typically neoliberal attitude toward the city goes back to the Koch administration.

      Koch said in the early 80's that nobody had a right to live in NYC (except, presumably, the rich, who can pay for their "rights").