> But if you’re anticipating counter-arguments, this glosses over a pretty important one. Regardless of geography, higher income brackets tend to have outsized influence on prices across all income brackets in that region. The more it deviates from the median, the more it distorts local pricing. All of this “rising tide” might eventually “lift boats”, but it depends where all that new capital is flowing and even in the best cases it doesn’t keep up with price inflation.

Please explain what you mean by this then.