THE NEW YORK TIMES: The huge income gap between rich and poor in Manhattan is the latest sign that the economic recovery from the pandemic has been lopsided in New York City.
As New York City inches closer to recovering all the jobs it lost during the pandemic, Manhattan — the city’s economic engine — marked a far less encouraging milestone. It now has the biggest income gap of any large county in the country.
Even in a city notorious for tableaus of luxury living beside crushing poverty, the widening gap is striking. The wealthiest fifth of Manhattanites earned an average household income of $545,549, or more than 53 times as much as the bottom 20 percent, who earned an average of $10,259, according to 2022 census data, released earlier this month. Social Explorer, a demographic data firm, analyzed the data for The Times.
“It’s amazingly unequal,” said Andrew Beveridge, the president of Social Explorer. “It’s a larger gap than in many developing countries,” and the widest gulf in the United States since 2006, when the data was first reported. The Bronx and Brooklyn were also among the top 10 counties in the country in terms of income inequality.
It is the latest data to underscore the city’s lopsided rebound from the pandemic. Across the city, wages are up, but mostly for the affluent. Jobs are returning, but many are in low-paying positions. Unemployment is down, but remains sharply higher for Black and Hispanic New Yorkers. The mixed signals highlight a widening chasm: The city is recovering, but many of its residents are not. » | Stefanos Chen | Thursday, September 28, 2023
