Tuesday, July 29, 2008
As you can see, the Sept. 17, 1990, issue of Time had this cover story, The Rotting of the Big Apple.
Skyrocketing real estate prices (a one-room apartment that rents for $800 a month is considered a bargain) have driven middle-class families out of Manhattan and are threatening the creative enterprises that make the island a cultural oasis. Twenty years ago, about 50 or 60 new productions opened on Broadway each year. Today soaring costs have driven the price of an orchestra seat to $60, and a healthy season yields no more than 35 new shows, only 12 of which are deemed successes. In dance alone, New York lost 55 world-class studios in the past four years. Others, including Martha Graham Dance, are considering following the example of the Joffrey Ballet by establishing second and third homes in other cities. That means a shorter season in New York. "This is the most expensive, difficult and competitive city for arts organizations," says David Resnicow, president of the Arts and Communications Counselors, which arranges sponsorships for corporations and cultural institutions. "You don't have to be in New York to make it. "
Full article here.