3 ms·
> why should high-value housing in the center of a desirable city enrich a bunch of private landowners Because they bought low-property housing from the entity
by mixedCase 7y ago
> why should high-value housing in the center of a desirable city enrich a bunch of private landowners
Because they bought low-property housing from the entity who previously owned it without a guarantee that the demand was going to be there and then demand grew. Risk meet reward.
Are you suggesting to violate property rights because you did not have the foresight, luck and/or the resources to make the same investment?
- coldtea 7y ago>Because they bought low-property housing from the entity who previously owned it without a guarantee that the demand was going to be there and then demand grew. Risk meet reward. Risk? More often than not, they engineer the growing of demand, help throw out old tenants (even with thuggish methods), select new tenants to drive up values (e.g. with redlining), use connections in the city government to develop specifically the areas they bought or intent to buy, and so on...