this post was submitted on 24 Jan 2024
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This intuition kinda works on average but even on average it may not apply fully. Yes you could trace cost increases to the real estate market but those might still not neutralize the upside for owners. Most real estate owners bought years or decades ago. Sure their property taxes and other costs are going up. However people's properties who bought 10 years ago have more than doubled in price. From their point of view, things are not bad at all. The ones that don't own are hit disproportionately. And many if not most are spatially isolated from the shantytowns, courtesy of urban sprawl. π