They’re coming to nyc because of perceived economic forces that will hold the city’s housing prices up as a high return investment. With the infrastructure actively failing before our eyes the calculus about the city seems certain to change as its reputation and quality of life plunges. Also the cultural forces celebrating urban spaces that created the beliefs underlying this many decade boom have long ago exhausted themselves, at least in relation to nyc. I have lived here a large portion of my life and feel near certain that the speculative winds are shifting elsewhere.
London was at the point you describe two decades ago with bottlenecks of transport, e.g. Heathrow or Paddington, neither of which seem possible to expand. The housing crash never came, 2008 was just fine and, even with the Brexit pause on all possible decision making, prices just keep going upwards for property.
Never give up faith in capitalism. Even if you would prefer socialism.
Well I for one would prefer a crash because then I would at least consider buying real estate. Without a crash, not happening - renting wins in most European cities right now.
I realise that my original comment was not popular, but capitalism defies logic when it comes to housing markets. It no longer has anything to do with the earning capacity of the common man, in the global cities - New York and London being prime examples - property prices defy gravity. There is just nowhere else for the capital of the 1% to go, so we are stuck. It should have had a reset in 2008 but the banks were bailed out instead.
A lot of people including myself would like a grand reset of the whole capitalist rent seeking enterprise. But our prayers are nothing compared to their capital.
The other thing is that if there is a crash then the 1% can buy even more property and other assets at a bargain price. Whatever happens they win. Only a popular revolution can save us.
