Especially in the world’s biggest cities, the explosion of housing prices has been staggering. In New York, for example, the average rent on an apartment in the 1960s was $200 per month, and a square foot of residential real estate cost $25 to buy. By the 2010s, average rent had grown to $3,500 and a square foot sold at $1,070.
-Yascha Mounk
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