Quote:
Originally Posted by RaineTech
Why would the smartest people and best corporations go to your proposed first city to do this? There are thousands and thousands of apartments in las vegas that are near that cost already, a pretty massive city by any metric. Is it not a perfect example of how your idealism fails miserably? I'd go as far as to say that las vegas has attracted the worst corporations and the dumbest people of anywhere else (though that's probably not true, some random southern city will probably take the cake there.) I've lived there and seen how many legitimately irrational and unintelligent residents of the area are.
Yet despite a place with low rents existing (the underlying basis of your flawed theory) the demand for apartments in NYC increases, as does the the cost of rent (although rent increases are pretty small.) In NYC, most people I come across are quite intelligent, and work much longer hours. The jobs here demand more from its employees both in productivity as well as intelligence, and naturally the companies that are here make a lot more as a result. The same can be said about specific concentrated areas of very intelligent people in other areas, like silicon valley (prices have risen as the level of productivity and intelligence of employer demands has risen) or Boston.
New York has Wall Street, a port, and is a banking capital. New Yorks strategic land brought people to New York. Las Vegas is in the middle of the desert.
The median sales price of previously owned single-family homes last month in Southern Nevada was $195,000, up 1.6 percent from April and 14.7 percent from a year ago, according to a new report from the Greater Las Vegas Association of Realtors.
Las Vegas main industry is tourism and gambling, they are the first to go in a recession.
Despite this Las Vegas is the 3rd fastest growing city since 2000. Rents are not monopolized as bad as other cities.
1 Raleigh, NC 804,436 1,188,564 384,128 47.8% 3.3%
2 Austin, TX 1,265,715 1,834,303 568,588 44.9% 3.1%
3 Las Vegas, NV 1,393,370 2,000,759 607,389 43.6% 3.1%
4 Orlando, FL 1,656,835 2,223,674 566,839 34.2% 2.5%
5 Charlotte, NC-SC 1,729,023 2,296,569 567,546 32.8% 2.4%
6 Riverside-San Bernardino, CA 3,277,578 4,350,096 1,072,518 32.7% 2.4%
7 Phoenix, AZ 3,278,661 4,329,534 1,050,873 32.1% 2.3%
8 Houston, TX 4,716,964 6,177,035 1,460,071 31.0% 2.3%
9 San Antonio, TX 1,719,262 2,234,003 514,741 29.9% 2.2%
10 Dallas-Fort Worth, TX 5,239,149 6,700,991 1,461,842 27.9% 2.1%
11 Atlanta, GA 4,297,419 5,457,831 1,160,412 27.0% 2.0%
12 Nashville, TN 1,387,274 1,726,693 339,419 24.5% 1.8%
13 Jacksonville, FL 1,126,224 1,377,850 251,626 22.3% 1.7%
14 Sacramento, CA 1,808,442 2,196,482 388,040 21.5% 1.6%
15 Denver, CO 2,194,022 2,645,209 451,187 20.6% 1.6%
16 Washington, DC-VA-MD-WV 4,862,582 5,860,342 997,760 20.5% 1.6%
17 Salt Lake City, UT 942,666 1,123,712 181,046 19.2% 1.5%
18 Portland, OR-WA 1,936,108 2,289,800 353,692 18.3% 1.4%
19 Tampa-St. Petersburg, FL 2,404,273 2,842,878 438,605 18.2% 1.4%
20 Oklahoma City, OK 1,097,874 1,296,565 198,691 18.1% 1.4%
21 Seattle, WA 3,052,379 3,552,157 499,778 16.4% 1.3%
22 Richmond, VA 1,058,816 1,231,980 173,164 16.4% 1.3%
23 Indianapolis. IN 1,664,431 1,928,982 264,551 15.9% 1.2%
24 Columbus, OH 1,681,865 1,944,002 262,137 15.6% 1.2%
25 Miami, FL 5,025,806 5,762,717 736,911 14.7% 1.1%
26 San Diego, CA 2,824,987 3,177,063 352,076 12.5% 1.0%
27 Minneapolis-St. Paul, MN-WI 3,044,901 3,422,264 377,363 12.4% 1.0%
28 Kansas City, MO-KS 1,818,073 2,038,724 220,651 12.1% 1.0%
29 Louisville, KY-IN 1,123,966 1,251,351 127,385 11.3% 0.9%
30 Memphis, TN-MS-AR 1,216,293 1,341,690 125,397 10.3% 0.8%
31 San Jose, CA 1,739,669 1,894,388 154,719 8.9% 0.7%
32 Birmingham, AL 1,053,394 1,136,650 83,256 7.9% 0.6%
33 San Francisco-Oakland, CA 4,136,658 4,455,560 318,902 7.7% 0.6%
34 Baltimore, MD 2,557,501 2,753,149 195,648 7.6% 0.6%
35 Grand Rapids, MI 934,388 1,005,648 71,260 7.6% 0.6%
36 Virginia Beach-Norfolk, VA-NC 1,584,042 1,699,925 115,883 7.3% 0.6%
37 Cincinnati, OH-KY-IN 1,999,787 2,128,603 128,816 6.4% 0.5%
38 Philadelphia, PA-NJ-DE-MD 5,693,275 6,018,800 325,525 5.7% 0.5%
39 Hartford, CT 1,150,915 1,214,400 63,485 5.5% 0.4%
40 Boston, MA-NH 4,402,611 4,640,802 238,191 5.4% 0.4%
41 Los Angeles, CA 12,398,950 13,052,921 653,971 5.3% 0.4%
42 New York, NY-NJ-PA 18,976,899 19,831,858 854,959 4.5% 0.4%
43 Chicago, IL-IN-WI 9,117,732 9,522,434 404,702 4.4% 0.4%
44 St. Louis,, MO-IL 2,678,224 2,795,794 117,570 4.4% 0.4%
45 Milwaukee,WI 1,502,305 1,566,981 64,676 4.3% 0.4%
46 Rochester, NY 1,066,335 1,082,284 15,949 1.5% 0.1%
47 Providence, RI-MA 1,586,744 1,601,374 14,630 0.9% 0.1%
48 Pittsburgh, PA 2,429,023 2,360,733 (68,290) -2.8% -0.2%
49 Buffalo, NY 1,169,159 1,134,210 (34,949) -3.0% -0.3%
50 Detroit, MI 4,457,471 4,292,060 (165,411) -3.7% -0.3%
51 Cleveland, OH 2,147,948 2,063,535 (84,413) -3.9% -0.3%
52 New Orleans. LA 1,336,795 1,227,096 (109,699) -8.2% -0.7%