Luis Illades, an owner of the Urban Rustic Market and Cafe on North 12th Street, said he had seen a steady number of applicants, in their late 20s, who had never held paid jobs: They were interns at a modeling agency, for example, or worked at a college radio station. In some cases, applicants have stormed out of the market after hearing the job requirements.

“They say, ‘You want me to work eight hours?’ ” Mr. Illades said. “There is a bubble bursting.”

The half-built condos tower above us like foreboding monoliths of our yuppie futures. I take a look at one of the girls wearing a bright pink keffiyah and carrying a Polaroid camera and think, “If only we carried rocks instead of cameras, we’d look like revolutionaries.” But instead we ignore the weapons that lie at our feet – oblivious to our own impending demise.

The sordid secret is that everyone, even hipsters, has always shopped at Target. Here is how it used to happen: Once every four months, you rented a Zipcar with some trunk space, and then you zipped out of D.C. and down to Jefferson Davis Highway, land of the big-box stores. Along the way, you talked about how glad you were that you didn’t live down there, and how ironic it was for you to be going there at all, as you normally just bartered on Freecycle, and how your dad still tried to be cool by pronouncing it in French, Tar-zhay. You got to the Target, and you bought a microsuede storage bench, a duvet and a doormat, and on the way home you stopped at Outback Steakhouse (which was totally hilarious), and in polite company you never spoke of these suburban adventures again.

She never before would’ve considered the glossy new condo developments in various Brooklyn neighborhoods that advertise stainless steel appliances, doormen, contemporary sinks and globular light fixtures. But the market had faltered, they were suddenly in her price range, and hell, what’s so wrong with nice views anyway?

Ms. Ferejohn looked at one-bedrooms around $600,000 in the Satori development and the Mill (a conversion), both in Carroll Gardens. The spaces were large, affordable and remarkably pristine, but Ms. Ferejohn had trouble picturing her antique wooden furniture there.

Hipsters, by nature contrarian, according to Dan Peres, the editor of Details, may be reacting in opposition to a president who is not only, as the press relentlessly reminds us, So Darn Smart, but also hits the gym every morning, has a conspicuously flat belly and, when not rescuing the economy or sparring with Kim Jong-il, shoots hoops.