“For thousands of would-be novelists the dream of living the New York writer’s life will never die, even if it nearly kills them to pursue it. But that doesn’t mean the nature of that pursuit is in any way constant. And as always, the goal of carving out a life of letters in the city—shared by thousands of Sarah Lawrence graduates, Starbucks baristas, and drop-out tax attorneys alike—is inextricably linked to the chilly realities of the publishing business. But rarely have the realities of the marketplace changed so jarringly as they have over the past five years. While the major publishing conglomerates continue to cut back on “midlist” authors, they’re increasingly willing to lavish astronomical sums on unknowns. So many, in fact, that since the late nineties, half a million dollars is de rigueur for a first novelist who’s perceived to have hot prospects.”