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For homeowners in London, New York or San Francisco, this is all excellent news as long as they plan to sell up some day. Sky-high housing costs mean that more of the gain of new job creation is captured by landlords (or homeowners who get out) than by employers or workers. Technology has raised the return to living in high-skill cities, but has done nothing to make it easier to find a home there.

what is the meaning of the phrases in bold?

what does 'it' refer to?

http://cetking.com/economy-based-rc-in-cat-2015/

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more of the gain of new job creation is captured by landlords (or homeowners who get out) than by employers or workers

The money from the economic growth reflected by new job creation is going into the pockets of land owners (either in the form of rent or equity).

For "than by", here's an alternate/expanded phrasing:

more of the gain ... is captured by landlords ... than [is captured] by employers or workers.

The "it" you've highlighted is a general "it", as in "it is raining". Here you could get the same meaning without the "it":

... has done nothing to make finding a home there easier.

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For the first sentence:

  • a "new job" being created means that the company that creates the job is adding money to the economy, by paying an additional employee.
  • the money spent on the new job is being "gained" by members of the economy, specifically by the government (via taxes), by the employee (who can then spend some of it on a variety of "discretionary" items: cable TV, starbucks coffee, movies, fancy dinners, etc.), and by anyone selling a "required" service (e.g. rent / utilities).
  • the mentioned locations have extremely high rent / real estate costs, so people who are renting or selling real estate will receive a disproportionate amount of the "gains" from the new job: An employee in these markets is required to spend a larger percentage of his income on housing, so even though the salary is large, his discretionary spending is not large.

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