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Long winded article and it doesn't even answer the question.

Rent in NYC is high because people are paying it.

Your pay is low because you decided it is. Lots of CEOs think their pay is low too as they drive a new Lexus off the dealership lot.

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The article provides historical context and a framework to think about the question. I think it does a better job answering the question than your last 2 paragraphs.

After finishing it, I'm almost certain the author just produced a shorter more accessible version of the argument from "A Brief History of Neoliberalism" by David Harvey. It's basically a Marxian interpretation of the issue.

The article tries to backdoor an emotionally resonant populist political view in the guise of concern. If you think it does a good job answering the question, that probably just means that you have a converging viewpoint.

Yeah, nothing is persuasive. Everything simply confirms or disconfirms what you already know. There is no learning. I will die knowing what I knew yesterday.

Life is shit, eat Arby's. Am I following along?

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