sometimes a number stands out. Here is one: The economist Ed Glaeser calculates that, prior to the 1980s, wages in New York City were unusually high even after correcting for the local cost of living.9 The city had its problems, but most people would make more money by moving there. But that flipped. By the year 2000, moving to New York meant, for most people, taking an effective pay cut. That’s not because paychecks have shrunk but because housing costs have risen. People now pay to live there; they aren’t paid to live there.
