Luxury Urban Apartment Bubble About to Burst?

Joel Kotkin argues that all the high-rise luxury apartment growth in downtowns like New York, the Bay Area and Miami are built on a myth -- that retiring American seniors are heading there. The data show just the opposite, he says. Those apartments are being bought as investments by wealthy foreign nationals, like the Chinese, the Russians and the Brazilians. And now that those economies are taking big hits, the bubble is about to burst.
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