Friday, July 22, 2011

“hip and cool” core cities lose double-digit % GenX

Joel Kotkin, Forbes:
These findings should inform the actions of those who run cities. Cities may still appeal to the “young and restless,” but they can’t hold millennials captive forever. Even relatively successful cities have turned into giant college towns and “post-graduate” havens — temporary way stations before people migrate somewhere else. This process redefines cities from enduring places to temporary resorts.
Rather than place all their bets on attracting 20-somethings cities must focus on why early middle-age couples are leaving. Some good candidates include weak job creation, poor schools, high taxes and suffocating regulatory environments. Addressing these issues won’t keep all young adults in urban settings, but it might improve the chances of keeping a larger number. [snip]
Yet in the end, the condo market turned out far less appealing than advertised, crashing virtually everywhere from Chicago and Las Vegas to Atlanta, Portland and Kansas City. This has left many investors with empty units, distress auctions or far less profitable rentals.
Millennials next--though their migration might look different. They may be jobless or underemployed, stuck with their parents, wherever their parents are stuck. But if they move, the trend is already established--south and west. The new cool.

Related posts: Uh, Rahm--Chicago Needs VouchersAnother tragically deluded leftist on gun laws in Chicago, Gorby ObamaThe bluer a city, the bluer a state, the fewer private sector jobs it tends to create

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