I’ve been saying this since 1988: It’s not that prices are so high. It is that money is worth so little.
What’s funny is that in many cities the officials went after evil landlords by passing regulations requiring a minimum square footage for apartments. Just as with minimum wage, a tiny apartment isn’t supposed to house a family of 8. It’s supposed to give cheap housing for the young single. My first apartment was a one room apt with a kitchenette & bathroom. It was cheap & near where I worked. It allowed me to save money & prepare myself for when I was ready to buy my first house. This kind of housing is perfect for near campuses where there are lots of young singles looking for a cheap living space.
104 years of inflation will do that.
And it is devalued about 8% annually, thanks to magic of Central Banking.
And it is devalued about 8% annually, thanks to magic of Central Banking.