“So, why were people willing to pay millions to live in small apartments in San Francisco and Manhattan?”
If you believe in the free market, it is because people believe it is worth it to pay $1 million to live there even when they could save almost all of that moving a few towns over.
It is all about jobs. Get a job in tech in San Fran or in finance in NYC and it is well worth paying the extra rent.
RE: It is all about jobs. Get a job in tech in San Fran or in finance in NYC and it is well worth paying the extra rent.
Well, the pandemic is showing that you DON’T need to BE in any place to be productive. The internet has changed all that.