What Happens When the 1% Go Remote
It doesn’t take very many ultra-wealthy Americans changing their address to wreak havoc on cities’ finances.
Some residents of pricey cities like New York, L.A. and San Francisco might say good riddance to the uber-rich whom they blame for growing unaffordability and inequality in their cities. But their cities will pay a literal price for their departures. It doesn’t take very many one-percenters changing their address to wreak havoc on cities’ finances.
Unintended consequences rearing its ugly head, again. <<<<<<<<<<MY OPINION
Pure economics. Price of living there is not worth the perceived benefit. Only a matter of time on escalating prices without benefit that your market wants, until you price yourself out of the market.
Are you on the right wing? Only right wingers appeal to ignorance of economics and market based arbitrage under our form of Capitalism. Housing prices should fall with less demand until a new equilibrium is achieved.
Made A's in Econ in college and have been in sales, sales support, purchasing and Mgt, since my military days. It is my opinion and is supported by academics at the University I attended. I do not view know this as right wing or left wing. It is just truth.