« Holdout Sells to Developer of Brooklyn Arena Project | Main | Leviev, Boymelgreen sell 2 Brooklyn properties for $44m »
April 3, 2005
Just a Few Pinstripes Can Make a Place Look Rich
The New York Times shows the sudden wage increase in a borough with a sports team:
Most striking, he thought, was that Brooklyn's annual average of $32,882 was $3,000 less than the average wage for the Bronx, even though the Bronx had, and still has, fewer jobs and a higher unemployment rate. (This January, the rate was 8 percent, compared with 6.7 percent in Brooklyn.)Perplexed, Mr. Peers brought in some colleagues, and in examining the numbers more closely, they discovered the reason for the discrepancy. "The Bronx has a lot less jobs," Mr. Peers said. "But if 10 of them are Yankees making $50 million a year, that's going to affect the average wage."
...
For officials at the Brooklyn Chamber of Commerce, this realization amounted to one more reason to bring the Nets basketball franchise to their borough. "George Steinbrenner pays well," Mr. Peers conceded. Maybe, he mused, Bruce Ratner would, too, someday.
Posted by amy at April 3, 2005 11:39 AM