Let’s face it, most people can’t afford to buy their own home and apparently never will in large urban areas anymore.
First-time buyers have little to no chance and even more mature buyers, many with current real estate equity in their coffers would need to dramatically downsize if they sell and even that doesn’t guarantee that they’ll find a decent replacement residence if they do.
This trend is tantamount to the wealthiest among us, including foreigners/non-residents with the fervent assistance of greedy developers and a voracious real estate brokerage industry, pushing out the lower and middle-class more and more from living in many cities.
And don’t even get me started on Air BNBs.
Basically, they’re rapidly turning cities, especially their core districts, into exclusive communities populated by their own ilk.
Somewhat reminiscent of the dystopian Elysium movie in 2013 starring Matt Damon where workers will eventually mass transit into core areas to serve the needs of the rich, such as restaurant staff, sanitation workers, security and law enforcement, deliveries, etc. and after their workday is done, leave these areas, retreating back after 1-2 hours transit time to outlying regions they’re able to afford to live in.
This is happening right now in most major cities around the planet and will only get worse unless proper planning is done for socially affordable housing.
And that would require politicians with proper morals who aren’t in the back pocket of real estate developers.
Anyone holding their breath?