“The property market is no longer about people making a long-term investment in owning their shelter, but a place for the world’s richest people to park their money at an annualized rate of return of around 10 percent. It has made my adopted hometown a no-go area for increasing numbers of the middle class.”
— From an article about how property speculation in London has all but pushed the middle class out. Many of the specifics are about London and how wealthy foreigners have pushed housing prices up and up, however, it’s a similar story in many global cities. I certainly saw plenty of analogues to San Francisco here.
Notes
generic1 liked this
escapereality liked this
beigeinside liked this
edkohler reblogged this from jimray
painedbrain liked this
whltexbread liked this
fatmanatee liked this
felistella-blog liked this
redcloud liked this
doublejack reblogged this from jimray
tbmimsthethird said: I read the quote thinking that the author was talking about San Francisco.
bananacasts liked this
austinkleon liked this
thebeeobee liked this
jimray posted this