Ideas Fuel Cities
An article by David Leonhardt in ‘Key’, the real estate magazine of the New York Times, looks at why residency rates in mega-cities of New York and Los Angeles aren’t decreasing at the same rate of newer cities even though technology now allows people to live and work in cheaper and arguably more attractive surroundings like Vermont. Apparently it’s because the cities are full of ideas. The economics columnist writes:
Despite all the ways that technology has made distance matter less, geography matters more. It may be easier to transport an individual job from New York to Vermont, but the value of being in New York is actually greater than it used to be.