New York City, whose population of nearly nine million consists of nearly one million – one in nine – financial services workers who generate “more than a third of business income tax revenues” for the city and state. There are fears that NYC is starting to slip on its competitive heels as other cities such as London and Dubai move more in step with the contemporary market, since their countries – culturally and legally – “far more effectively discourage frivolous litigation.” Uh huh.

Even a tiny burst in the financial morale market could lead to a shift in the housing market, and drive real estate prices down. What does this mean for artists? Well, it means those condos and lofts they’re developing in Red Hook, Brooklyn might actually become a tenable purchase – since we all know no artist would be caught dead living in a place like Forest Hills, Queens, what with all of its gardens, green and least of all its character! EFF THAT!

[full financial story on 1010WINS]