Wednesday, October 01, 2008

Welcome to the Seventies

Urban mansions have not lost value as quickly as other real estate investments because the re-Urbanization of the elites has protected them from the downward trend in property values. But if we are really heading into a major recession, the superrich will once again retreat into their enclaves rather than expose themselves and their children to hordes of unwashed, unemployed, unpleasant drug addicts. Population density amplifies the general mood, and when that moves shifts into recession or depression, the superrich will buffer themselves from the Zeitgeist rather than vampically feed upon it, so watch for the ebb and flow of our urban centers to repeat the cycle of the Seventies.

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