
While cities like Chicago, Austin, and Seattle can typically stave off drastic price increases by just building enough housing to meet demand, that’s not always possible for world cities because demand isn’t just local, or even national — it’s global, and in an era of growing inequality the demand for luxury investment properties and pieds-à-terre is vast. That demand is an obstacle to providing an adequate supply of affordable, middle-class housing, but it needn’t be. If harnessed appropriately, it could even be a strength.
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