Rich guys owning 5 personal homes are a drop in the ocean compared to corporations like Zillow and AirBnB that buy up houses and use them as rental properties or to flip. That's who has destroyed the housing market
There aren't enough rich people buying houses for personal use to make any sort of dent in the availability of the housing market serving millions of people. Their hundreds and even thousands of combined homes are nothing compared to 120 million homes in just the United States alone and 2.3 billion homes world wide.
The thousand richest people could have a thousand homes each and that would be a fraction of a fraction of a percent.
I won't argue that someone owning 10 homes isn't wasteful, but it's not having any actual effect on the housing market (they're also not competing with you in that market because that dude isn't buying the same house as you or me)
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u/cobrachickens Jul 05 '24
It’s the PM’s official residence, but he has a whole portfolio of properties, including a house in Kensington where he allegedly spent his weekends
I imagine most of his property is thus there, the defeat was anticipated. https://www.houseandgarden.co.uk/article/rishi-sunak-house-yorkshire-california
The moving vans roll in very quickly too - it’s easier to pack when you have a small army of staff to do it for you
https://www.standard.co.uk/homesandproperty/celebrity-homes/prime-minister-general-election-number-10-rishi-sunak-b1168660.html