Low-wage workers are now much less likely to work long hours than high-wage workers, a trend that has coincided with the rise in gentrification.
With less leisure time and "more valuable" time in general, a small group of initial workers was drawn into the city to live closer to the office.
According to the models used in the research, the changing value of time for higher-income people explains 10% of gentrification.
Clearly, though, time did not explain everything: While more educated workers were moving to the city, their jobs were not centralizing.
"But I just couldn't get it, and I finally convinced myself, OK, the direct effect is probably really small.".
Do you really think, in New York City, are we really going to see the kind of gentrification that we see?".
The long-hour premium is a concept developed by Peter Kuhn and Fernando Lozano, describing how much return workers get for working more hours. »