i've only been in nyc for 7 years now, so i can't compare it to anything before then, but things don't seem quite as dire as the article suggests. sure, i've got friends looking for work but many of them were looking for work before the real estate bust. brooklyn, especially, seems to be growing pretty rapidly still. partly, i'm sure, because it's slightly cheaper than the island - but less so each day. that said - there have been a lot more condos in increasingly unlikely neighborhoods over the past couple years - it's quite possible that as those mortgages come due, a housing glut will drive down housing prices/change the neighborhoods landscape more radically. for now, though, these condos are still holding out for people to lease / not open to renters. beyond real estate, those of my friends who have started small businesses in the last year are having a great time of it so far/expanding a lot faster than expected.