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Who will be around to do all the real jobs, once the rich buy so much property that regular people can't afford to live there any more?
Let's hypothetically imagine that we have a country or city or district, whatever, where's there's no rent control, no law on having to need citizenship to buy a property, no law on restricting someone having multiple properties, and no law on being required to live in the property that you buy.
Then let's imagine that loads of millionaires buy properties there for "property development" reasons, which pushes up the rent and house prices, and there are lots of empty properties and properties too expensive for working class people with regular jobs to afford the rent to live in.
My question is this.
Once the millionaires push the house prices and rents up with their "property development" schemes, and the majority of people and working class who live in the same city cannot afford to rent a property in the city they live in, who will do all the REAL jobs that allow society to function, such as being a bus or taxi driver, working in retail, cleaner, chef, teacher, police, firefighter.
Who will be around to do all the REAL jobs once the regular working class person cannot afford to rent a property? A society can't exist solely consisting of rich people.
Further Reading
https://www.macrobusiness.com.au/2017/10/peter-martin-sydney-benefits-migrants-force-locals-city/
Then let's imagine that loads of millionaires buy properties there for "property development" reasons, which pushes up the rent and house prices, and there are lots of empty properties and properties too expensive for working class people with regular jobs to afford the rent to live in.
My question is this.
Once the millionaires push the house prices and rents up with their "property development" schemes, and the majority of people and working class who live in the same city cannot afford to rent a property in the city they live in, who will do all the REAL jobs that allow society to function, such as being a bus or taxi driver, working in retail, cleaner, chef, teacher, police, firefighter.
Who will be around to do all the REAL jobs once the regular working class person cannot afford to rent a property? A society can't exist solely consisting of rich people.
Further Reading
https://www.macrobusiness.com.au/2017/10/peter-martin-sydney-benefits-migrants-force-locals-city/
societyunderstand
