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Well you're only considering the problems of the wealthy newcomers and not the problems of the impoverished who already exist there.
by frgtpsswrdlame 9y ago
Well you're only considering the problems of the wealthy newcomers and not the problems of the impoverished who already exist there.
- adrianmonk 9y agoNo, I am considering the problems of the impoverished. One major cause of their problems is that wealthy newcomers are forced by lack of supply to compete with the impoverished for housing. This screws over everyone. The poor don't want to compete with the rich for housing. The rich don't want to live in housing that is below their quality standards. Also, how do you think new housing stock gets built? It takes capital to build housing. You attract that by luring investors with the promise of returns on their investment. Who can pay for that? Wealthy newcomers who can afford to pay high rents. The way to get housing built is to tap into the gigantic piles of cash available.