Walk through Mayfair, or parts of Manhattan, at night and count the dark windows. Billionaires park money in luxury flats they visit twice a year, and whole neighborhoods hollow out: no residents, no shops, no schools, just vaults with a view. Meanwhile the nurses and teachers who keep those cities running commute two hours because they can't afford to live there. Housing is a human need that became an asset class for people with more money than uses for it. Nobody needs a fifth apartment, people need a first one.
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