That's the mantra of every real estate agent I've ever encountered, their way of saying, in effect, that the price of real estate is a function of, well duh!, supply and demand. Pack millions of people into an island roughly 23 square miles in size like, oh, say, Manhattan and it's little wonder that supply and demand makes for a healthy seller's market. So it is that the New York Times reports on the sale of condominium parking spaces in Manhattan with a going price of $225,000 apiece.
However outrageous such prices may seem to many of us, the fact is, at least according to Steven E. Landsburg, what is really outrageous is how underpriced parking is in most cities and how significantly that contributes to the problem of urban congestion.
Food for thought the next time you complain about feeding the meter.
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