California With The Death Penalty
August 8, 2015 10:58 PM Subscribe
The nicer a place Singapore becomes, the more it is flooded with outside capital and migration. That raises the cost of land and thus rents and home prices. Imagine if I didn’t own a home and suddenly Fairfax, VA became like Beverly Hills or Palo Alto. I would have to pay more, but wouldn’t benefit much from the proximity of the movie stars or the tech titans.
The political reaction is to make Singapore an even nicer place to live, which is what you would expect from a competent government. That’s great, but in some ways it makes the underlying problem worse by attracting additional foreign capital and labor. The city becomes more Westernized and more corporate and land values rise all the more.A simple theory of Singaporean complaints.
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