Together, my partner and I have a household income in the top 8% of US earners. Yet, like many people, even now we could not truly afford to buy a decent place in most major North American (or global) cities.
Also, the company I work for has an office in NYC. I don’t believe a single non-executive (nor even most of the execs) actually live in NYC. They just can’t afford it.
The rich are gobbling up everything.
I sometimes think in my more conspiracy-minded moments that the financial and housing crisis was premeditated and deliberate, serving to greatly reduce asset prices so that the one-percenters could swoop in and steal houses and land from Americans at fire sale prices.
Whether premeditated or not, that is what occurred.
This is only going to get worse, by the way.