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Ghost Towns:Poor and Very Rich Leave Homes Vacant

Wednesday, May 21, 2014   (0 Comments)
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Poverty and Wealth Can Cause Zombie Neighborhoods

Neighborhoods in cities across the U.S. in New York, Michigan, Florida and Texas,  have been hollowed out by homes lost to foreclosure and abandonment A smaller number of zombie neighborhoods are created when the very rich buy homes they consider safe places to park their money, not places they intend to live full time.  James Surowiecki, in “Real Estate Goes Global, in the New Yorker, tells how absentee foreign buyers have made Vancouver, British Columbia, the most expensive real estate market in North America, with numerous empty luxury condos. Real estate purchases by Russian oligarchs, mid-eastern princes, and other foreign buyers have created ghost towns in Chelsea  and Kensington, two of London’s most exclusive areas. The Standard reports from 2010 to 1013 three quarters of home purchasers in South Kensington were foreign, as were two of three buyers in Kensington proper.


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