Hyp: when urban residential real estate becomes 1% speculation/capital storage asset, 99% must become nomadic
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Replying to @vgr
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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Replying to @polyparadigm
That bolsters the incentive to sell to Chinese cash-paying millionaires. Cut public spending AND local smaller banks.
10:12 AM - 7 Aug 2016
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