April 6, 2014
How Ukraine Could Alter New York's Skyline
Megan McArdle, Bloomberg
The Associated Press
Unlike most cities, however, New York is not limited to local talent. Its real estate prices are constrained by the total supply of very rich people in the entire world -- or, let's say, the majority of the world where citizens are allowed to buy New York City real estate. Globalization is producing a lot of those people, though not so many that a foreign-policy crisis can’t crimp the style of local developers.
TAGGED: New York City, New York, Russia, Ukraine