The Big Apple...more and more a pipe dream?

Don't know how many of you saw this article, but it sure made me think:

According to a recent study, New Yorkers making $123K have the same standard of living as someone making $50K in Houston and those making $60K have the same standard of living as people in Atlanta making about $23K. I mean, we all know NYC is expensive, but isn't the disparity just ridiculous?

With all the talk in recent weeks about ridiculous bonuses for the financial industry and Mayor Bloomberg's defense of the practice as a necessity to keep NYC's economy afloat, these numbers are eye-opening. For years, I have seen former college and grad school classmates struggle to pay rent and student loans and make ends meet and still trying to put a little towards enjoying the city they pay such a steep premium to live in. The argument for such a struggle was always the same: there are career opportunities available in NYC that you can't find anywhere else, this is NEW YORK, its just the way things are done here, if I pay my dues now, I am guaranteed to make enough in the future that it will all be worth it . . . . I, too, was always drawn to the allure of the city and all that it seemingly had to offer. But, the harsh reality of what it takes to "just get by" in New York, plus the tremendous slow down of the city's economy caused by the near collapse of the financial industry has to make people re-consider living in New York.

I am not sure what to make of it all, but I do wonder what people will do in the months to come---will they stay and wait out the downturn? Will this current depression change the long term demand for NYC living and help deflate the cost of living? One thing is certain, the dream of making it in the big city seem all the more elusive these days. . . .