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Jesse Horwitz

Columbia Investment Management Company - Investment Analyst, Columbia University

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NYC 2040 What should (or will) NYC look like 27 years down the road?

There's two parts to this question. One is an industry mix question - NYC's economy today is dominated by finance, which is scary both because financial profits have been so high over the last couple decades relative to historical norms and because it's never healthy to have a city dominated by one industry. How do we move away from this model and what else should the business of New York be?

Part II of this is that the city has been designed to attract financial services professionals. In what ways should we move away from this, and how do you balance this need with not wanting to kill the golden goose, which has done a lot of good for the city?

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    Sep 18 2013: With financial services moving to the internet and thus the professionals can live anywhere, if NYC does not find something new it will look a lot like Detroit. AI: ghost town.

    Could NYC become an information analyst, logistics and exchange services world hub?
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      Sep 18 2013: I think that's fair to some degree (large chunks of financial services are being automated/moving to internet and can be relocated), although there's also a relational side that I think will be tougher to displace (face time still counts for something), and while these kinds of roles are probably relative small percentage in terms of financial services head count, would guess they're more substantial in terms of income. (Although this is a different kind of frightening prospect for New York - a somewhat gutted employee base with even greater income inequality).

      On talent base, New York does seem like a logical candidate for an information analyst, logistics, and exchange services hub - managing this kind of information isn't that different from managing the financial information it traffics in already...but salaries might have to come down for New York to be competitive in this.

      In my mind hope lies with universities, tourism, and New York's strength as a fashion/media startup hub, but it needs this activites to strengthen enough to decople from the finance core.
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      Sep 25 2013: I was in New York for the weekend last month and had a fantastic time. Everyone here is right...it's such a hub of creativity and excitement. The incredible diversity of people living there was overwhelming. I wonder how long I would be enamored with all that, though. I live in a city where just about every museum or community space is free, the weather isn't nearly as harsh, and a 3 bedroom, 2 bath house close to the city with a fantastic school system is $170k. I just couldn't believe the cost of living in New York. Much as I love to visit, I'd hate to see so much of my paycheck go to basic living expenses as I would imagine is the case for many New Yorkers.

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