Hm I'd never considered that angle. I buy that it is an effect, but I'm not confident it's general or stronger than other effects (often in the other direction).
For instance, in my neighborhood, (market rate) landlords generally want new residential development, because it's seen as something that will have a gentrifying effect on the area and bring up property values in general. That mentality presumably doesn't apply to neighborhoods that are already rich, though.
For instance, in my neighborhood, (market rate) landlords generally want new residential development, because it's seen as something that will have a gentrifying effect on the area and bring up property values in general. That mentality presumably doesn't apply to neighborhoods that are already rich, though.