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It doesn't run off to infinity, because the high cost of living city is connected to other markets. E.g. the price of groceries might increase a little. Price
by mlyle 4y ago
It doesn't run off to infinity, because the high cost of living city is connected to other markets. E.g. the price of groceries might increase a little. Price of low-end housing could be expected to fall a little from reduced demand.
There's a transfer of wealth to people who are at the bottom of the income scale.
- bombcar 4y agoWhenever people assume something runs to infinity, it's fun to imagine what would happen - baristas in San Francisco pulling down 5x top tech salaries, Google employees working at the grocery store after hours to make ends meet, etc.