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New Yorkers plan to battle recession

By David Freedlander | dfreedlander@am-ny.com

The siren call of New York City has for decades promised its inhabitants a life of glitter and glamour in a world capital.

But during an economic slump, Gotham can seem like it's standing behind glass, inaccessible to many, with those who are hurting financially feeling like they're pressed up against the window, watching life in the big city go by.

"I'm a big fan of bars, a big fan of theater," said Clinton Davis, 28, of Bay Ridge, who moved here five years ago and now works for an advertising firm. "I've always been a very social person who goes out, always living that kind of life, and now I'm not."

"It's like I have a horrible disease where not spending money is atrophying me," he said.

Davis is not alone.

A report released earlier this month by state budget officials predicted a deep recession for the entire state, one that could outlast even the rest of the nation's. In an effort to make their dollars stretch, many of those who drink up this city's culture and nightlife are also scaling back on the little extras that make living in New York worthwhile.

"My boyfriend and I like to go to Broadway and we always say, 'Why don't we do this more often,' and then we're like, 'Oh yeah, it's because it costs $50 a ticket,'" said Wendy Atterberry, 31, a Manhattan freelance writer who relocated to New York last year.

With the prices of malt and hops -- key beer ingredients -- rising sharply over the last year, even happy hour prices can weigh heavily on the wallet these days.

"I'm constantly tabulating in my head what is my allowance for going out, what do I need to put toward credit cards, what do I need to put toward student loans," Atterberry said. "I'm already thinking about how to divvy up that stimulus package Congress passed."

Stacy Francis, a New York-based financial planner, said savvy New Yorkers can weather the storm by looking for deals, like two-for-one specials at restaurants and discounted tickets.

"The worst thing you can do is feel deprived," she said. "It comes down to understanding what's really important to you and asking yourself if your spending really reflects your values."

Of course, in a city where a martini can cost $10,000 and a chocolate sundae $25,000, it's easy to feel deprived even in boom times.

Rob Grader, author of "The Cheap Bastard's Guide to New York City," said doing without is as much a part of the New York experience as crowded subway cars. "New York is all about struggling to make it," he said. "Even if you are successful in New York it still feels like you have to struggle all the time."