What the 1880s tell us about why the rich are moving to cities today
by Emily Badger
Badger notes -
“Wealthy,
college-educated residents with the budget to bid up home prices are
increasingly turning up in the center of major American cities, driving a
generation-long shift in demand for downtown living.
The trend is
notable for what preceded it: For decades, until about 1990, people with
options largely dodged city centers. But if you look much further back in
history, an interesting pattern emerges. More than a century ago, before the
rise of electric streetcars, the Model T and modern suburbs, the rich lived in
the hearts of cities and the working class farther out.
We are, perhaps, returning to that old pattern. Or, to think of history another way: What made downtowns desirable to the rich more than a century ago may help explain what makes them appealing to this same group again today.”
We are, perhaps, returning to that old pattern. Or, to think of history another way: What made downtowns desirable to the rich more than a century ago may help explain what makes them appealing to this same group again today.”