Is Gig Economy Affecting Where The Rich Live?

Leonard Steinberg, a successful NYC real estate broker states that "Time is the last luxury." Steinberg has sold over $3 billion in real estate in NYC and specializes in multi-million-dollar deals. His largest contract was the sale of a $43 million townhouse in Tribeca, and in 2009 he sold a $32 million penthouse to Domenico Dolce of Dolce and Gabbana.

According to Steinberg, the rich are starting to buy properties in SoHo, Upper East Side, Tribeca, and Hudson Yards. The reason is Uber and Lyft. Their primary services allow the rich to work during a ride. They do not need to think about parking or drive, and can now place themselves anywhere they want. The average wealthy home buyer will now factor in the freedom to travel from place to place without the loss of productivity.

As Steinberg states "Time is the last luxury. If you cannot lose time, you can live in many places."

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