But surely you must agree that wealthy people do drive up property prices more than mere high-income earners. Just look at the case of Mark Zuckerberg's purchas

But surely you must agree that wealthy people do drive up property prices more than mere high-income earners. Just look at the case of Mark Zuckerberg's purchases in Palo Alto (as an extreme example): First he bought a house for $7 million (which was widely regarded as massively overpriced at the time). Then he ended up buying all adjacent properties for $30 million. In a few short years, he single-handedly contributed to a massive increase in property prices in his entire neighbourhood. This is essentially the story of San Francisco's property market over the past 10 years.