What went wrong with New York ?

Yesterday we did a post on how New York state has a lower median income than many other states in America.The New York Sun has the New York feedback on the grim data:

Senator Schumer reacted to the figures on New York with a query.

"I'd like to know why the poverty number moved up more in New York than in other places," the New York Democrat said. "Even in other comparable cities the increase was less, and that's something every New Yorker should want to answer."

Our guess is rent-control,unions,bureaucracy,high-taxes,and land-use restrictions have artifically driven up costs: making New York one of the worst places for business creation.It appears all those Wall Street and high paying government union jobs couldn't keep the median up.That's the amazing part because New York state has an unusually high number of people making over $100,000 year(compared with the rest of the country).Since 1969,New York City hasn't created one net new private sector job.