Jeff Snyder

Because for most people, they believe that homeownership and just the basics of American life are just out of reach.

And they have gotten further and further out of reach.

Now, you can have an argument about why that is and how to fix it.

But as far as most people's perceptions, it reinforces those perceptions that something isn't right here.

And I would actually argue that New York is two stories rolled into one.

Because I grew up in upstate New York in the Rust Belt.

So in New York City, it's as Tom said, highly dense, very expensive to live.

So people who do have a job and are gainfully employed are still priced out of the marketplace versus upstate, which is an economic wasteland.

People don't have a job and are priced out of the market because they have no income.

They have basically state aid.

So you have a story.

It doesn't matter where you are in New York or what it is.

The end result is the same.

Those are symbols of past prosperity.

That's why they have so many past prosperity.

Not anymore.

There's a life cycle of states in the same way there's a life cycle of companies, right?

Yes.

It starts out, you do all the things that you need to do to become successful, then you get lazy, then you get corrupt, and it all falls apart.

We've seen that with New York, we've seen that with California.