> as demand from new arrivals far outstripped supply This is mischaracterizing what is going on. There is rampant speculation by multinationals buying up old h

> as demand from new arrivals far outstripped supply This is mischaracterizing what is going on. There is rampant speculation by multinationals buying up old housing stock and attempting to do the New York City model of hyperluxury renovations at the expense of existing residents.