Rich Foreigners Like Suburbs, Too

MLewyn's picture

One common argument against new construction (especially high-rise construction) in cities is that rich foreigners will soak up any new housing supply.  This argument is of course based on the assumption that urban high-rises, and only urban high-rises, are irresistible to rich foreigners.  But an article in today's New York Times says that foreign investors actually prefer suburbs to cities: 46 percent of real estate deals involving foreigners are in suburbs, as opposed to 37 percent in cities.

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