New York: Once the Benchmark for Prosperity, Has Become the Measure of Decline

New York, the Benchmark

New York State is ground zero for the global affordability crisis. That’s because it is the benchmark for global cost-of-living studies everywhere. The thing is, the benchmark for affordability is starting to break. And when that happens, you don’t rely on cost-of-living anymore. You have a diminishing standard-of-living, everywhere.

New York City is often used as the baseline for global cost-of-living studies because it’s one of the best-known and most data-rich cities in the world. As a major center for finance, culture, and business, it provides a clear picture of what life in a large, developed city costs. And…

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