2/ Data to support above assertion: https://twitter.com/VarangianSkull/status/1219267305252835345?s=19 …
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This is what happens when you sell an entire generation on the benefits of working at a corp for titles & brand association, and even giving them free social media PR. I'm once told a female coworker "you can't retire on titles & thank you's"...I was speaking a foreign language.
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>people are free to spend more to purchase better housing That's one explanation, but a) not the only one and b) rather unlikely. Is housing 61% better? Why housing and not something else? It's quite likely that an outsized proportion of wealth gains are captured by landowners.
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suspect it's more Morlock's explanation in most places, more yours in Those Five Cities but ofc. no one cares about anyplace that's not Those Five Cities, so...
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See also, construction & community techniques & materials driven by innovation and regulation. Double-pane windows, hurricane straps, 140mpg garage doors, government-required greenspace, developer-provided land for schools, ad nauseum.
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There's also a generational pattern. Elderly Americans tend to sell their homes and become renters due to the inevitable onset of intensive care needs, while Millennials are gunshy about home ownership due to the Great Recession.
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