The current economic crisis, which has arrested and even somewhat reversed the skyrocketing price of housing, might offer short-term oppor- tunities to some in the market for homes. But the mortgage meltdown and its aftermath will not change the underlying dynamic: over the past three decades, a wide gap has opened between the means of most New Yorkers and the costs of living in the city. We have seen this dynamic play out even during the last 15 years, as the local economy thrived and crime rates plum- meted. Despite these advances, large numbers of middle class New Yorkers have been leaving.
