Sorry if the credulous Kool-Aid(tm) drinker in you can’t see the logic. 😀 You also have to realize that most of the people who bought during the Bubble aren’t owners at all. They’re renters who are renting from the bank, or maybe paid a few % key money. They had no equity, so nothing to destroy by letting prices go pre-Bubble or a bit below. This would allow the younger generation to buy at a reasonable price, and have home ownership being a saving, not a form of slavery.

BTW – I don’t see “libertarian” as an insult. I’m very libertarian on some issues, almost socialist on others. (read health care) The closest you can describe me is “anti-authoritarian”, whether that authority comes from government, banksters, employers, or corporations.

BTW, If you do cheap things in NYC then you are not living the NY lifestyle.

So, for example, plenty of small/indy bands aren’t worth seeing unless they charge at least $50 per concert? News to me.

I like the SoCal lifestyle. Note that I’m looking to pick up investment property in SD. Perfect mix of decent cap rate on some condos + a good chance that prices will at least stay stable.

But it would get old after a month or so, and I’d be back in NYC. Or a certain Eastern European city that’s also dear to me.