New York City has grown considerably over the years as financial sector’s impact alone on the economy forced other sectors to rise up. Back in the late 2000’s when the Lehman Brothers filed Bankruptcy, its effects were tremendous. As one the biggest bankruptcy filed in the US history, it has played a significant role in priming for the financial crisis in 2008. The event proved that the financial reliance on one sector is risky business and that other sectors needed to grow. Slowly but surely tech sector grew as Bloomberg administration gave support of technology, and continues to show signs of potential boom, aided by Mayor de Blasio’s appointment of Minerva Tantoco as the city’s first-ever Chief Technology Officer. As the technological innovation unravels faster and faster, it brings more and more benefit. However, city’s dependence on tech sector is being questioned whether such reliance will bring New York more harm than good.
In his article, Jason Bram presents data of New York’s tech sector how the jobs in the field is rapidly growing. One benefit of the technological innovation is the creation of more jobs. As shown in the article, New York City increased 58% in job growth, and Manhattan and Brooklyn have also increased 57% and 109% respectively. This growth of job will be available to a younger generation of students who study in fields related to tech sectors. One argument against it might be that because these jobs cater to people with a certain set of skills, average day to day retail and manufacturing workers cannot afford to work in this sector. Another downfall is that much starting pay in the tech sector is close to six figures. The jobs attract next generation of college graduates that have the necessary skills and will effectively pave a way to gentrification.
Adam Forman analyzes the data released by the Federal Reserve Bank of New York to visualize how much growth tech sector have experienced over the decade. In the graph of NYC Tech Sector Employment by Borough, Manhattan’s employment increased from 53,932 to 96,717 from 2004 to 2014, a 79% growth. Other Boroughs, Brooklyn, Queens and Bronx also increased 83%, 15%, and 12% respectively. One downfall of this is the significant increase in job openings in Manhattan alone. Such high density of Tech employers will raise the revenue from the tech sector and, thus, acquire favors from the government. This increase in the relationship between the tech community and the government can lead to what is evidently occurring in San Francisco. With the government worsening already congested traffic by favoring tech companies and with the housing prices increasing in the areas with the tech community, San Francisco is daunting many residents of their future. Similarly, NYC might be, and perhaps is already, headed to a frightening future.
However, this doesn’t mean that the people have no voice. One of the beneficial reasons for technological innovation is how we can use software to our advantage, to tie community stronger with democracy. Not only does civil tech work for startup businesses, it can “transform communities, workplaces, and institution to be more equitable, resilient,” and perhaps even more transparent in government dealings with sensitive topics like affordable housings. Civil tech can also potentially empower ‘powerless’ groups such as the community boards.
Jonathan, you make an excellent analysis of the most important advantages and disadvantages of the tech economy that we see growing around us. Perhaps there is a continued need for government to push here and pull there to even out the worst inequalities? Will civic tech be best able to transform social life from inside government–or from outside, as an objective critic?