7 August 2019 - Giffen real estate

You are London, or San Francisco, or Vancouver, or Sydney, or another city where property prices are out of control and only the rich can afford housing; even well-paid professionals are priced out of where they want to live. How do you cope with the terrific inequality? Well, apparently real estate has become a Giffen good where a price increase increases demand, so the answer is property tax. Step up the tax rate until your city becomes a resort for billionaires and nobody needs to live there any more.