‘Portfolio Diversification in Income’


According to this article in the NY Times, having to work two jobs in order to afford to live in New York city is an investment portfolio advantage [via]:

Middle-class city dwellers across the country are being
squeezed….In New York, the supply of apartments considered affordable
to households with incomes like those earned by starting firefighters
or police officers plunged by a whopping 205,000 in just three years.

….Firefighters who want to live in high-priced cities can work two jobs, said W. Michael Cox, chief economist for the Federal Reserve Bankof Dallas. “I think it’s great,” he said. “It gives you portfolio diversification in your income.”

Did he really say that? If yes, I hope it was tongue-in-cheek but I fear it isn’t.

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