Hyp: when urban residential real estate becomes 1% speculation/capital storage asset, 99% must become nomadic
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In this picture seems like AirBnB has to be a net good. Acts like a derivative instrument to reliquefy unused stock for partial local value
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Thought experiment: you only allow ownership with no capital controls stopping remote ownership. And no AirBnB. Cities would necessarily die
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You forgot an important function of residential real estate: buy-in to public assistance that banks get a cut of (mortgage deduction).
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That bolsters the incentive to sell to Chinese cash-paying millionaires. Cut public spending AND local smaller banks.
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I reject the premise. Airbnb and foreign money narratives are not main drivers of $$$ cities. Agglomeration economies+bad land use are.
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agglomeration economies = densification arguments a la Jacobs, West etc? What do you mean by bad land use?
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Can these cities become pointless but valuable like Monte Carlo fast enough to not crash when the present economic engine disappears?
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