Before NYC was the playground for the rich and the priveleged, it was home for poor immigrants and people of color. Those people have been getting pushed/priced out of Manhattan for the past three decades.
The restaraunts and music venues that made the city great weren't the michelin-starred upscale peruvian/thai fusion tapas restaraunts or $1000 a table nightclubs. They were family-run hole-in-the-wall joints and sketchy basement bars.
Manhattan real estate has been a ponzi scheme since the 80s, and it killed the New York I loved in the process. Now there's a chance for it to come back.