He Mines For Gold in New York’s Streets—So Why is He Homeless?

In 2011, The New York Post introduced the world to Raffi Stepanian, a man who literally mined the streets of Manhattan’s Diamond District for gold and diamonds.

Using a keen eye and a small scraping tool, Stepanian collected tiny fragments of precious metals and gems that had fallen into the cracks of the city sidewalks.

It was an unconventional hustle, but it worked—he turned street dust into pawnable treasure.

Fast forward over a decade, and Stepanian’s story has taken a drastic turn. Despite once making a living as NYC’s "Gold Miner," he now finds himself homeless, a victim of hard times and personal setbacks.

But unlike most in his situation, he’s sitting on a surprisingly valuable asset—his stock portfolio.

You may have seen TikToks and YouTube Shorts discussing his situation, with videos highlighting his unique lifestyle and financial paradox.

Using the money he once earned mining the streets, Stepanian invested in stocks, and today, his portfolio fluctuates between $45,000 and $60,000.

That’s right—he’s homeless but owns a five-figure stake in the stock market.

This raises an interesting question: How does someone with that kind of investment capital end up without a place to live?

The answer lies in the difference between wealth on paper and real-world survival. Stocks aren’t cash, and liquidating them isn’t always simple, especially if you’re hoping to ride out market fluctuations for bigger gains.

It’s a harsh reality of modern finance—being "rich" in assets doesn’t mean much if you can’t afford a meal or a place to sleep.

So what’s next for Stepanian? Will he cash out and rebuild, or will his story take another unexpected turn? Either way, his journey from gutter gold to stock investments is a wild reminder that wealth, in any form, is never guaranteed.