|
^Exactly.
In my industry, I'm quite privy to the salary amounts people carry in some of the largest employers in the city.
The salaries to support such ownership costs are simply not there. Any anecdotal stories are purely that, anecdotal.
I believe much of it (if millennials) is parent/family money, which is generally a small percentage of the population.
People are underestimating how many numbered shadow LLCs are being put together with multiple investors simply to use this residential market for investment growth purposes, I would say that's probably the primary issue here in terms of costs, pure speculation. Why invest in the market when you can get some people together (including foreign investors) and see +40% returns in the span of a year in real-estate? It's insane.
|