Wealthy Enclaves and the Continuing Dislocation of the Economy
- Henry
- Aug 3, 2022
- 1 min read
Great article in the New York Times on Monday:
As favorite vacation towns for the ultra wealthy continue to increase in popularity, real estate prices are now so extreme that middle class office professionals are resorting to living in tents and RVs (to say nothing of lower wage service industry workers).
Given people emotional and logistical connection to places, its not hard to understand why those mentioned in the article haven't moved, but the tipping point will come. How will these enclaves survive without service workers?
My bet is we start seeing a movement back to 19th century servants housing in mass further stratifying wealth.