>I'd argue that rents are high because too many people want to live near each other. So your theory is that people have gotten more and more desperate over the

>I'd argue that rents are high because too many people want to live near each other. So your theory is that people have gotten more and more desperate over the last 35 years to live near each other? What? >Property that people want is a scarce resource Is exactly why the ultra wealthy have been buying it all with their tax free profits and using it as a savings account. Guess what happens to prices when that 'demand' increases?