Thursday, October 27, 2011

New York Has Greatest Income Disparity in America

Posted By on Thu, Oct 27, 2011 at 4:07 PM

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No wonder the occupy movement sprang up in New York. Of course, the city is home to the financial industry, but it's also home to the greatest income disparity, according to census data reported by the Times. "The income gap in eight major metropolitan areas was... higher than the national average," the paper writes. "The New York metropolitan area topped that list." New York State was also first among states.

Breaking it down by neighborhood, Morningside Heights had the greatest income gap. (Rosedale, in Queens, had the lowest.) "In... the Upper East and West Sides and Greenwich Village, the top 5 percent of households make an average of over $1 million," the Times reports, making them home to an inordinate number of the infamous one percent.

The findings surprised some, while another suggested that the disparity could be socially healthy as it might indicate we are less segregated by class in New York than other areas.

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