Next wave of super-rich heading for London

Super rich foreigners add less to NYC than you think. We'd be happy to have them rent expensive hotel rooms during their visits, but their capital invested in NYC RE only increases the cost of RE for everyone else, so the middle class and moves out, more people need government assistance, government gets bigger, and only the politicians and bureaucrats benefit.

And so much of the real estate they invest in is tax-abated ...

So true. While a far way away from being super rich, a house purchase I made in sept last year as already had roughly a 14% growth in achievable sale price. Not bad for 6 months. Not achievable in the long run mind you, only those wearing rose coloured glasses would tell you that it is.