Those "consumer variation bullshit startups" are providing a lot of value to people. It's easy to forget how much less fun day-to-day life was even ten years ago.
I think the main reasons people want to park their money in property in expensive cities are some combination of 1. uncertainty/flight to safety 2. thinking prices will go up, perhaps due to undersupply, perhaps due to genuine value to be produced in the cities 3. for some wealthy foreign investors, an asset that's not at risk of being seized by a corrupt government.
The wealthy are certainly revealing their uncertainty. I'm not at all convinced this is worse than the time when the wealthy had absolute confidence in their grand plans for improving the lot of the unwashed masses.
> Those "consumer variation bullshit startups" are providing a lot of value to people. It's easy to forget how much less fun day-to-day life was even ten years ago.
> 3. for some wealthy foreign investors, an asset that's not at risk of being seized by a corrupt government.
I think it's far more often the opposite; wealthy Russian oligarchs and corrupt CCP members trying to dodge economic sanctions and Xi Jinping's corruption crackdown by stashing their cash and children safely away from their home countries.
I think the main reasons people want to park their money in property in expensive cities are some combination of 1. uncertainty/flight to safety 2. thinking prices will go up, perhaps due to undersupply, perhaps due to genuine value to be produced in the cities 3. for some wealthy foreign investors, an asset that's not at risk of being seized by a corrupt government.
The wealthy are certainly revealing their uncertainty. I'm not at all convinced this is worse than the time when the wealthy had absolute confidence in their grand plans for improving the lot of the unwashed masses.