First, there are plenty of free/cheap things to do in NYC and just outside. You tend to find out about them if you live here for a while.
Second, are you really arguing that high prices in necessities (i.e. housing) are a good thing? I’d argue that genuine innovation and effort should be rewarded. 10% annual gain just for sitting on a house? Not so much. The bubble was an anomaly, and people who are asking to re-inflate the bubble don’t know what they’re asking for. Yeah, I’m looking to invest, but I’m looking for steady income properties, not flips. Flipping takes effort. Leasing provides a steady, predictable income to supplement the highs and lows of running a small business.
Lastly, define “real GDP” please. You’re assuming that the inflation numbers coming out of DC aren’t cooked. My point is that we have the worst of both worlds now. Remember the term “stagflation” in the 70s?
