Thursday, February 28, 2019

Contrary to media hype, tech firms and millennials not flocking to "superstar" cities

As a new Brookings study shows, millennials are not moving en masse to metros with dense big cities, but away from them.

The Bayou City gained nearly 15,000 millennials net last year, while other big gainers included Dallas-Fort Worth and Austin, which gained 12,700 and 9,000, respectively.

Dense, high-priced cities attract young people straight from college, but they have trouble keeping them there.

Urbanists' faith in the inevitable appeal of major cities to high-end businesses, notably in tech, may be questionable.

Core cities like New York, Los Angeles, Chicago, and San Francisco may be exciting for recent college graduates or tourists, but they still need affordable standards of living and strong economic and educational environments to attract and retain the young families critical to their long-term growth.

Politically, a city with a shrinking middle class, as we see in many superstar cities, will exhibit ever-more radical politics as the young single population and poor dominate the electorate.

Even in world-class tech center Seattle, a city council-imposed homeless tax on large corporations had to be repealed when Amazon responded by stopping construction on a downtown office tower.

https://www.city-journal.org/millennial-job-growth-cities

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