Business: WHY HOUSING COSTS ARE GOING THROUGH THE ROOF

A middle-aged executive recently got that big break—a promotion that transferred him from a branch office in Washington, D.C., to company headquarters in Manhattan. His professional leap forward sharply set back his personal standard of living. For the first time in his life, he cannot buy a house or rent an apartment that fits both his means and his expectations. He moved out of a $400-a-month, eleven-room house in the capital; he is willing to pay $600 for less space in an area that has commendable schools and is not more than one hour's...

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