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A lot of people complain when a new luxury apartment tower goes up because it gets filled with rich people, but surely that would mean that all the existing ave
by SilverRed 5y ago
A lot of people complain when a new luxury apartment tower goes up because it gets filled with rich people, but surely that would mean that all the existing average housing just got cleared out by all of these rich people leaving and is now freed for less wealthy people.
- seoaeu 5y agoThe problem is if two towers worth of rich people move to the area but you only build one tower. Then half of them will move into the luxury tower and half will bid up the prices on the nearby average housing. Obviously the solution is that you should've built two luxury towers. However, people watching the situation sometimes get the counterfactual wrong and conclude that if the luxury tower hadn't been built, none of the rich people would have moved to the area. They then conclude the best idea would be to build no new housing at all and do everything they can to make sure that is the case