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> Billionaires buying up "stores of wealth" housing in the city I live in has driven up the price of property inordinately and almost priced me out. What you ar
by username90 6y ago
> Billionaires buying up "stores of wealth" housing in the city I live in has driven up the price of property inordinately and almost priced me out. What you are saying here is not "they don't matter" but "I don't matter".
Are you sure they are billionaires and not just millionaires? There are millions of people in USA with millions of wealth, they are what matters, and they can each buy up a large chunk of real estate in mid cost neighbourhoods.
- pydry 6y agoIt's a ripple effect. Billionaires end up pricing out hundred-millionaires, who price out millionaires and so on. All of the above also buy up rental property. And wealthy foreign criminals andtax evaders get in on the act by buying up property sight unseen as a foreign bolthole. This is how we end up with cleaners and baristas having to share a room and commute 1 hour each wayway and property prices that are, like, 17x the average wage. It's weird how so many people are apparently in denial about this.
- tick_tock_tick 6y agoThe USA has 630 billionaires and the world has 2,825. I think you are vastly overestimating the impact they have on any housing market. The poster above is 100% correct it is the millionaires that inflates prices of normal goods. There simply isn't enough people at the top end to matter.
- Jochim 6y ago> It's weird how so many people are apparently in denial about this. It's worrying how many people think it's the way things should be.