One of the great features of cities is that they economize on transportation costs and allow more trade to take place. Workers wake up and must go to work. If such workers could move at 1 million MPH, they would have more jobs to choose from. If the "time price" of an activity decreases, then the law of demand tells us that you will engage in more of that activity. With this thought in mind, read
this article about NYC real estate. Families in Manhattan are buying second apartments close to their apartment. This proximity encourages the grandparents to spend more time with grandkids. In the past, I had thought of "second homes" as vacation homes that would be physically far away from the main home. This new investment pattern raises questions of diversification but the grandkids do benefit.
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