{"id":4451,"date":"2009-02-08T09:59:07","date_gmt":"2009-02-08T14:59:07","guid":{"rendered":"https:\/\/www.bridgeandtunnelclub.com\/blog\/?p=4451"},"modified":"2009-02-08T09:59:07","modified_gmt":"2009-02-08T14:59:07","slug":"passaic_is_the_new_fairfield","status":"publish","type":"post","link":"https:\/\/www.bridgeandtunnelclub.com\/blog\/archives\/2009\/02\/passaic_is_the_new_fairfield.html","title":{"rendered":"Passaic Is The New Fairfield"},"content":{"rendered":"<p>The Times puts to the test <a href=\"http:\/\/www.nytimes.com\/2009\/02\/08\/fashion\/08halfmill.html?partner=permalink&#038;exprod=permalink\">whether executives would actually be able to live on $500,000<\/a>:<\/p>\n<blockquote><p><em>Private school: $32,000 a year per student.<\/p>\n<p>Mortgage: $96,000 a year.<\/p>\n<p>Co-op maintenance fee: $96,000 a year.<\/p>\n<p>Nanny: $45,000 a year.<\/p>\n<p>We are already at $269,000, and we haven&#8217;t even gotten to taxes yet.<\/p>\n<p>Five hundred thousand dollars &#8212; the amount President Obama wants to set as the top pay for banking executives whose firms accept government bailout money &#8212; seems like a lot, and it is a lot. To many people in many places, it is a princely sum to live on. But in the neighborhoods of New York City and its suburban enclaves where successful bankers live, half a million a year can go very fast.<\/p>\n<p>&#8220;As hard as it is to believe, bankers who are living on the Upper East Side making $2 or $3 million a year have set up a life for themselves in which they are also at zero at the end of the year with credit cards and mortgage bills that are inescapable,&#8221; said Holly Peterson, the author of an Upper East Side novel of manners, &#8220;The Manny,&#8221; and the daughter of Peter G. Peterson, a founder of the equity firm the Blackstone Group. &#8220;Five hundred thousand dollars means taking their kids out of private school and selling their home in a fire sale.&#8221;<\/p>\n<p>Sure, the solution may seem simple: move to Brooklyn or Hoboken, put the children in public schools and buy a MetroCard. But more than a few of the New York-based financial executives who would have their pay limited are men (and they are almost invariably men) whose identities are entwined with living a certain way in a certain neighborhood west of Third Avenue: a life of private schools, summer houses and charity galas that only a seven-figure income can stretch to cover.<\/em><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>The Times puts to the test whether executives would actually be able to live on $500,000: Private school: $32,000 a year per student. Mortgage: $96,000 a year. Co-op maintenance fee: $96,000 a year. Nanny: $45,000 a year. We are already at $269,000, and we haven&#8217;t even gotten to taxes yet. Five hundred thousand dollars &#8212; [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[68],"tags":[],"class_list":["post-4451","post","type-post","status-publish","format-standard","hentry","category-follow_the_money"],"_links":{"self":[{"href":"https:\/\/www.bridgeandtunnelclub.com\/blog\/wp-json\/wp\/v2\/posts\/4451","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bridgeandtunnelclub.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bridgeandtunnelclub.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bridgeandtunnelclub.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bridgeandtunnelclub.com\/blog\/wp-json\/wp\/v2\/comments?post=4451"}],"version-history":[{"count":1,"href":"https:\/\/www.bridgeandtunnelclub.com\/blog\/wp-json\/wp\/v2\/posts\/4451\/revisions"}],"predecessor-version":[{"id":4452,"href":"https:\/\/www.bridgeandtunnelclub.com\/blog\/wp-json\/wp\/v2\/posts\/4451\/revisions\/4452"}],"wp:attachment":[{"href":"https:\/\/www.bridgeandtunnelclub.com\/blog\/wp-json\/wp\/v2\/media?parent=4451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bridgeandtunnelclub.com\/blog\/wp-json\/wp\/v2\/categories?post=4451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bridgeandtunnelclub.com\/blog\/wp-json\/wp\/v2\/tags?post=4451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}