How Global Elites Profit from Unaffordability

..if you belong to the community of wealthy elites that also gravitate to these cities, unaffordability means something else entirely. Insanely high real estate costs don’t dissuade the extremely rich from buying homes in places like Sydney, London and Vancouver. High prices make owning a house there more desirable. They confer social status. And if, like many members of this elite, you own several homes — one as a place to live in and the others as investments or safe havens for your wealth — you want home prices to keep going up. They are, after all, making you even wealthier.

https://thetyee.ca/News/2017/03/03/Global-Elites-Profit-Unaffordability/

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