Word: sternlieb
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...schools. The decrease in household size--from an average 3.14 people in 1970 to 2.69 this year--has fueled a prolonged boom in apartment rentals, health clubs and upscale restaurants, and a corresponding, disturbing decline in the national savings rate. The single life is more expensive, notes Economist George Sternlieb of Rutgers University: "There's nobody to share the telephone bill with. With no one to cook at home, singles eat out more." Restaurants now pocket 40% of U.S. food expenditures...
While developers have been eager to build upscale offices renting for as much as $50 per sq. ft., the city suffers from a brutal shortage of moderate and low-cost housing. "The big weakness -- and real danger -- to the city is the failure to provide housing," says George Sternlieb, founder of the Center for Urban Policy Research at Rutgers University. Families are forced by costs to move out of New York. Ultimately, says Sternlieb, "they take their jobs with them. Eventually the boss says, 'Why pay premium wages to people to commute? I can put together a better work force...
...past dozen years or so, that movement has been immensely reinforced by a flight of jobs following the people. It is being powered by some of the mightiest currents in modern life: the communications revolution and the switch from a manufacturing to a service economy. Says George Sternlieb, professor of city planning at Rutgers University: "Changes in technology and in our economy are making possible a life-style that could only be dreamt about a few years...
...cohort of the baby busters will form fewer families, resulting in less demand for housing and household goods. By the middle of the next decade, the number of new households a year could drop to 1.2 million, down from an average of 1.7 million during the 1970s. Says George Sternlieb, director of the Center for Urban Policy Research at Rutgers University: "You simply are not going to have that demand for starter homes that dominated our housing thinking for the past 40 years." That will slow homebuilding to about equal to what it was during the crisis years...
...that by scraping and borrowing, most Baby Boom families eventually managed to buy at least a modest dwelling. In 1983 nearly half of all young families owned their homes, about the same proportion as a decade earlier. Many a down payment came from parents; Rutgers University Housing Economist George Sternlieb quips that Baby Boomers have popularized a new form of G.I. financing: "G.I. as in Good In-laws...