Wednesday, October 1, 2014

High property prices driving people out of New York, London

I just read a report that a very high proportion of New York high-end properties are empty 70% of the time. So the foreigners that come here can loan their money because through the property market and through the arts market you can get a loan for anything you want – not through bank accounts where you have to as a client prove that you're honest – which is a joke because the banks should prove to you that they are honest, which would be very difficult, as we have seen from the many fines they've had to pay. 

But anyway, a lot of the properties are empty. So the people who live in London and New York who have been driven out by high prices now have to go and live somewhere else and have to travel a long way to work, pay the transportation costs and so forth. For the majority of people the standards of living are going down not up.