Tanya Powley and Lucy Warwick-Ching examine the growing market in super-prime homes for the global "super-rich", and its negative impact on local communities.
The increasing domination of high-end housing markets around the world by the state-less super rich (as much as 95 per cent of the expensive homes in Paris, and 85 per cent in London are owned by international buyers), "has also resulted in a number of knock-on social consequences for the domestic populations of these emerging global cities," note Powley and Warwick-Ching.
"The problem is that these super-prime areas have a high proportion of second, third, or fourth homes that are left vacant for periods of the year as their owners move from one exclusive destination to another. These individuals will spend a few months in St Moritz, before moving to their trophy mansion in London, and then on to their luxury villa in Sardinia for the summer months."
"Critics argue that these buyers aggravate the housing shortages prevalent in these cities while spending less in the local economy than permanent residents. [Socioligist Saskia] Sassen says in some extreme cases poorer local residents can start to develop a sense of distance from their city."
FULL STORY: Stateless and super-rich
From Paris to Portland: The 15-Minute City Goes Mainstream
Raising the bar on the 20-minute neighborhood model, cities around the world are embracing the appeal of the 15-minute city during the coronavirus pandemic.
Design in the Time of Cholera: How Pandemics Reshaped the Built Environment
Some of the most beloved public parks and essential advances in public sanitation can be traced back to their roots in the Cholera outbreaks in the 1800s.
On Public Transit, Some of the World’s Best Sightseeing
From Los Angeles to Hong Kong to Sydney, the best—and the cheapest—views are on ferries, buses, trains, and gondolas.
Maui's Vacation Rental Debate Turns Ugly
Verbal attacks, misinformation campaigns and fistfights plague a high-stakes debate to convert thousands of vacation rentals into long-term housing.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
In Urban Planning, AI Prompting Could be the New Design Thinking
Creativity has long been key to great urban design. What if we see AI as our new creative partner?
King County Supportive Housing Program Offers Hope for Unhoused Residents
The county is taking a ‘Housing First’ approach that prioritizes getting people into housing, then offering wraparound supportive services.
Researchers Use AI to Get Clearer Picture of US Housing
Analysts are using artificial intelligence to supercharge their research by allowing them to comb through data faster. Though these AI tools can be error prone, they save time and housing researchers are optimistic about the future.
Making Shared Micromobility More Inclusive
Cities and shared mobility system operators can do more to include people with disabilities in planning and operations, per a new report.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
planning NEXT
Appalachian Highlands Housing Partners
Mpact (founded as Rail~Volution)
City of Camden Redevelopment Agency
City of Astoria
City of Portland
City of Laramie