Joel Kotkin shared his insights on the growing class divide in ‘global cities’ such as London…in a lecture at the Civil Service College on Thursday BT reported last Saturday. He is the Distinguished Presidential Fellow in Urban Futures at Chapman University, California.
He citied statistics on growing income inequality and poverty everywhere – US, Germany and even Japan
One gauge of how depressing these numbers are, he said, is to look at how unaffordable housing has become in some major cities. As a ratio of median home price to median family income, it will take 5.2 years to afford a home in Toronto, 7.1 years in London and 9.3 years in Vancouver.
[Aside: looks gd to S'poreans. Didn't a minister say housing is affordable because S'poreans can afford to pay the 99-yr leases on their HDB flat in 30 yrs?]
… he showed London as the first- world capital with third-world realities. London has the highest child poverty rate of any region in England, and this pattern is repeated for working-age adults.
And we aspire to be another London, NY?
Maybe taz why MM says the gap between rich and poor will grow wider here. The govmin prefers to aim to be a London or NY, rather than aim for a narrower income gap or a better quality of life for us.
Yes: This has nothing to do with investing. But @#$%, I don’t want to live in a dangerous city in my old age. Looks like JB or Batam will be safer. I’ll rent there, living off the rental income from my private property here.