In an interview in this week's New York Observer, urban-trend expert Joel Kotkin tells NYC real estate not to worry. His advice: Just make like San Francisco and replace financial industry minions with some (more) trustafarians itching for the gentrified city experience, where "5 percent of the population could afford a median-price house." But he has some reassuring words: "San Francisco, relative to other American cities, is probably less vulnerable than almost anyone." Not to rain on the parade, but maybe Kotkin is underestimating Wall Street's ripple effect on Silicon Valley paychecks? [The New York Observer]
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