Hyp: when urban residential real estate becomes 1% speculation/capital storage asset, 99% must become nomadic
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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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agglomeration economics = Firms collocate in the same market to get deep pools of labor and specialized capital en.m.wikipedia.org/wiki/Economies
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though of course, density indirectly lowers transaction costs as one of many effects
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yes, density is very important but not quite the whole story. You can have an agglomeration in the burbs or the city
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