The rich are hoarding homes while gentrifying cities

2021-06-11 12:35:12
This is leading not just to gentrification, but to a “plutocratization” of urban neighborhoods. As Richard Florida observes in The New Urban Crisis, “Some of the most vibrant, innovative urban neighborhoods are being turned into deadened trophy districts, where the global super-rich park their money in high-end housing investments as opposed to places in which to live.”

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