Or to put it another way, why didnt it happen 20 years ago or 50 years ago or 100 years ago? It seems like the underlying reasons for property being so expensive have been around, well, forever? Landlords accumulate wealth, buy property, use property to generate more wealth, property stock declines and property prices go up? I realise thats a 5 year old’s view of capitolism but i dont have any background in economics. Id love to have it explained in more detail
In: Economics
If you look in those affected countries younwill find in almost all of them also affordable or even cheap houses. The problem is those houses are ‘in the middle of nowhere’ or at least not in areas with lots of desirable jobs.
So what we’ve been seeing the past few decades is economic concentraion into a few big cities. With that movement of jobs sobdoes everyone eant to live in those few cities. But with a more limited area and housing supply prices go up.
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