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Westend61/Getty Images Millennial New Yorkers are piling into luxury apartments amid plunging rents and concessions. They re upgrading their living situation in pursuit of more amenities, space, and the solo life. As of January, rents were down 15.5% in Manhattan and 8.6% in both Brooklyn and Queens, per StreetEasy. $3,200. $3,000. $2,900. Over the past several months, Brett Vergara had been watching rent fall like dominoes for apartments at The Brooklyner, a residential skyscraper that briefly had the title of Brooklyn s tallest building around a decade ago. Replete with a rooftop deck, floor-to-ceiling views of The Empire State Building, and an in-building fitness center, The Brooklyner was a far cry from the Park Slope basement he lived in when he first moved to New York, where bars blocked the view out of his lone window. ....
Visionhaus/Getty Images Millennials aren t killing the American Dream. They re reviving it. John Truslow Adams defined the American Dream as a better life for all, but consumerism got involved in a big way after World War II. Millennials are bringing back its true meaning, whether they seek a life of suburbia or an alternative path. A college-educated couple, mortgaged house with a white picket fence, 2.5 kids, and a dog: It s the American Dream, and millennials are killing it. So cried the press in the past decade, accusing millennials of killing so many industries that The New York Times (and Business Insider) dubbed it a cliche, while The Blade and The Washington Examiner went as far as blaming the generation for ending the American Dream. ....
Luminar This story is available exclusively to Insider subscribers. Become an Insider and start reading now. Luminar CEO Austin Russell is the youngest self-made billionaire after taking his company public via a special-purpose acquisition company merger last month. It s a Silicon Valley tale: Russell has built inventions since his childhood and dropped out of Stanford when he got the Thiel Fellowship to work on Luminar. He disrupted innovation in an emerging industry, developing nontraditional lidar sensors that help self-driving cars see the road. Luminar s future looks promising, but it still has a few obstacles to overcome. Russell s billionaire status depends on Luminar s ability to execute. ....
Millennials' K-shaped pandemic is deepening a decade-old wealth gap, in which some are scraping by on their savings and others are getting richer. ....