Even the Rich Are Being Priced Out of Central London
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Re: Even the Rich Are Being Priced Out of Central London
#2The Onion proves itself prescient yet again:
http://www.theonion.com/article/report-nations-gentrified-ne...
Re: Even the Rich Are Being Priced Out of Central London
#3Oh no; the rich aren't rich enough guys!
Re: Even the Rich Are Being Priced Out of Central London
#4What bothers me is that price rises but those are the same crappy apartments. When a flat costs millions I'd expect it to be absolute marvel of modern technology.
Re: Even the Rich Are Being Priced Out of Central London
#5In DC, there's a big glut in foreign capital flowing in from foreign oligarchs and elites, particularly from Russia and China. Residential properties in so-called "safe cities" are both a form of investment and a potential life-raft should the political situation change in their nations.In addition to the artificially low supply created by extreme height limitations, this has caused prices to skyrocket.
The apartment in which my girlfriend and I live now was a cash purchase after only three days on the market with no escrow. It had to be, or someone else would have bested it. If you need a loan to buy? Forget it.
Meanwhile, there are six immaculately tended walk-ups on the block that have been completely empty for the past year, but for the staff.
Re: Even the Rich Are Being Priced Out of Central London
#6Oh no; the rich aren't rich enough guys!
I mean, it's a pretty common sentiment around these parts.
(Replace "London" with "Bay Area")
(It's a very rare person who ever thinks of themselves as "rich enough." Most billionaires don't)
Re: Even the Rich Are Being Priced Out of Central London
#7If only there was a way to make living within a city less important.
There must be some way to move large numbers of people over "great distances" (50-100 miles) in a more commutable time.
Re: Even the Rich Are Being Priced Out of Central London
#8In DC, there's a big glut in foreign capital flowing in from foreign oligarchs and elites, particularly from Russia and China. Residential properties in so-called "safe cities" are both a form of investment and a potential life-raft should the political situation change in their nations.In addition to the artificially low supply created by extreme height limitations, this has caused prices to skyrocket. The apartment…
Vancouver recently enacted an anti foreign buyer tax that seems to have almost completely stopped the practice. Curious if we will start to see more and more of this local protionism.
Re: Even the Rich Are Being Priced Out of Central London
#9What bothers me is that price rises but those are the same crappy apartments. When a flat costs millions I'd expect it to be absolute marvel of modern technology.
Property is entirely about who you outbid, not what the property is. Even my modest house in Scotland has an insurance rebuild cost of half its value.
Meanwhile someone in London bought a derelict garage for over half a million: http://www.telegraph.co.uk/finance/property/house-prices/111...
The solution will have to be punitive taxes on nonresident overseas owners. Preferably removing the council tax cap too.
Re: Even the Rich Are Being Priced Out of Central London
#10In DC, there's a big glut in foreign capital flowing in from foreign oligarchs and elites, particularly from Russia and China. Residential properties in so-called "safe cities" are both a form of investment and a potential life-raft should the political situation change in their nations.In addition to the artificially low supply created by extreme height limitations, this has caused prices to skyrocket. The apartment…
Vancouver recently enacted an anti foreign buyer tax that seems to have almost completely stopped the practice. Curious if we will start to see more and more of this local protionism.
Unless every desirable city introduces this tax uniformly, doesn't this just shift the burden from Vancouver onto other cities?