The NY Times has a particular obsession with the perverse lifestyles of the filthy rich (probably because that makes up a certain subsection of their audience). They've previously reported on luxury real estate, the people who take advantage of foreign tax shelter status, and how all of this affects housing for those of us who live here year-round. But this weekend, they've gone all-in on the lifestyle bullshit in a piece about how ultra-wealthy Americans aspire to achieve "the four-pack:" "a pied-à-terre in New York, a beach house in the Hamptons, a ski villa in Aspen and a winter condo in Miami."
The NY Times obviously went to the three UES social climbers who came up with “wife bonus” to source “four pack.” Future divorcées all.
— TED (@EpicureanDeal) March 6, 2016
There is no indication where the term "four-pack" comes from—it could have been derived from the Knight Frank Wealth Report, if it was something they were force-fed by a Douglas Elliman broker, or if it's something they came up with themselves. Either way, a lot of people have a very different concept of what a four-pack is:
— Greg Greene (@ggreeneva) March 6, 2016
"The four-pack" — rental apartment, bus seat (avoiding man talking to self), office desk, & bathroom stall to cry in https://t.co/6zedxRuGPv
— Alex Alvarez (@soalexgoes) March 6, 2016
— darth!™ (@darth) March 6, 2016
The rest of the article concerns the migratory habits of the stupid rich, but it comes with lots of chilling facts about who is buying property around Manhattan these days: according to the Knight Frank report, NYC is home to 320,000 millionaires. That includes 5,600 people worth $30 million or more, "up 32 percent from 2005, and the number is expected to grow by nearly a third by 2025."
"This is the most mobile demographic on earth," explained Jonathan Miller, the president of appraisal and research firm Miller Samuel. "They're not confined by their job or the costs of transportation. And what's really changed recently is the overseas buyers using New York apartments as a safe deposit box for assets. That makes them even more detached from the city itself...The world’s wealth is coming to New York."
As for the "significance" of this particular four-pack:
The American rich, he says, are moving from second-home ownership to more of a hub-and-spoke model. New York serves as a base for seasonal migrations to Miami, the Hamptons and Aspen.
He said the “circuit” starts in New York in the fall, then moves to Miami in the winter, with a couple of weeks in Aspen for skiing. Then it's back to New York in the spring before hitting the Hamptons in July and August. In Los Angeles, the wealthy head to the mountains — often to Aspen — for skiing in the winter or to Hawaii or Mexico. Floridians head to the Hamptons in the summer, or to southern Europe.
— Jay Rosen (@jayrosen_nyu) March 6, 2016