The Luxury City Is Going Bust

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“Even the world’s arguably most influential urbanist, scholar Richard Florida, agrees that the great urban revival is “over.” Since 2010, urban inner rings, including central business districts, accounted for barely 10 percent of population growth in the nation’s 53 largest metropolitan areas. More revealing still, the country’s three largest metropolitan areas — New York, Los Angeles, and Chicago—are now losing population. Since 2012, suburbs and exurbs, which have seven times as many people as the core, are again growing faster. Suburbs are also seeing a strong net movement among educated people, those earning over $75,000 and especially those between the ages of 30 and 44. Far from being dead, as often asserted in the big city media, a new Harvard study shows that over the past 40 years the periphery has increased its lead in terms of wealth and jobs compared to core cities.”

Read Joel Kotkin’s article in The Daily Beast

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