> we have heavy inflation in what were low-mid CoL cities as the big money remote workers cash out of the coasts for cheaper locales
Internal migration is too slow and too small to explain the interior’s price shocks. Also, it’s not like the coasts are withering away. Real GDP growth in California and New York was better than the national trend in Q1 2022; the interior saw the worst of the real economic shock [1].
>Internal migration is too slow and too small to explain the interior’s price shocks.
As anyone who paid any attention to the housing market in the past 2yr knows, if you have 10 houses and 11 buyers...
>the interior saw the worst of the real economic shock
That places that have economies that are more dependent on physical goods, services that cannot be performed remotely and high volume low margin types of business (which are heavily affected by supply chain stuff and commodity prices) should not surprise anyone.
My primary point was that the extra demand caused by FAANG driven monopoly money suddenly sloshing into these other markets could easily cause prices to increase far beyond what the dollar values and number of people would make you think because supply for all sorts of things is not elastic enough over a short enough time period.
Internal migration is too slow and too small to explain the interior’s price shocks. Also, it’s not like the coasts are withering away. Real GDP growth in California and New York was better than the national trend in Q1 2022; the interior saw the worst of the real economic shock [1].
[1] https://www.bea.gov/news/2022/gross-domestic-product-state-1...