Is all this gentrification in cities we're seeing sustainable? Seems like every day there's a new multi-million dollar highrise going up in my old neighborhood. There can't be THAT many yuppies with enough money to afford them all?
London is full of empty luxury apartments bought by foreign investors: at well over one million pounds per bedroom, they’re the only people who can afford them. There are whole blocks with only a scattering of actual tenants in them. They’re really noticeable at night because the whole tower will be in darkness except for two or three lit apartments. There’s also a problem with billionaires buying a row of (already huge) townhouses and turning them into one ridiculously massive house for one family - although the council has really cracked down on this. These things have affected high-end areas like Kensington & Chelsea because it’s caused the population to drop. So, even pre-virus, in the evenings, the streets were getting pretty deserted and lots of shops/bars/restaurants were closing because they didn’t have any local custom any more.
I wonder where conservatives stand on gentrification? They don't exactly live in big metro areas so maybe they don't care..
Those unsustainable yuppie areas are not for sale to yuppies or for rent. Those simply are speculation and a way to park money where a good interest rate is expected in the long run. It is an investment where the interest rate is not payed by real residents in the future, It is speculation where the interest rate is payed by other investors who still think there will be eventually some baby boomers who can afford it. The old neighbourhoods are destroyed not because there is a demand from yuppies, but there is a demand by investors who chose to invest in real estate based on former experience. Which tells you how clever these people are, but they do not really expect the old stories to happen again. They simply expect they find less experienced investors before the bubble busts. It is a legal form of chain and avalanche system, so basically fraud.
I know something that happens in other places is foreign investors park their money in real estate here...it's only sustainable in the sense that the government will prop it up
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