I, too, think it's highly unlikely that a panhandler is clearing $90k a year, since that would place them in a higher income bracket that every working person I know in NYC. I meant his analysis sounds reasonable, not that it actually is. That's the problem with using simple models: you're seduced by simple reasoning applied to complex problems. The ancient Greeks analysis of matter sounded reasonable, too. It is only with further reflection that the reasonable sounding analysis does not hold up.

This is peer-review. I'm curious what the truth is, so I'm going to consider the validity of someone's speculation and criticize it accordingly.