With prices rising at significantly higher rates than surrounding locations and low taxes for foreigners, London’s housing market has become a good place for the world’s rich to stash their cash, writes journalist and author Michael Goldfarb in the New York Times.

Goldfarb, who reports that $133 billion in cash was spent on London housing in 2012, has lived in the city for approximately 25 years and notes in his piece that he’s seen a change: Friends and acquaintances, with good incomes, are leaving the city because of the rising home prices.

“This is what happens when property in your city becomes a global reserve currency,” he wrote.

Source: New York Times

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