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Uber and Lyft are changing where rich people buy homes

By Business Insider

Uber and Lyft are effecting the real estate market. In late 2017 luxury real estate broker, Leonard Steinberg, told Business Insider that the ride-hailing services are changing where wealthy peopleRead full story

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  • Technology is changing most buying habits so this isn’t a surprise. For example, with more than 50% of people projected to buy on voice search from home in 2020 and Amazon delivering in an hour, I’m guessing nobody will leave the house :)

  • Ernie Sander
    Ernie SanderDirector of Platform Community at Quartz

    Did rich people ever really take public transit to begin with?

  • It’s not just NYC. My editor in Mexico Coty used to have to driver 1.5 hours to work so she got two apartments, one in her home neighborhood for weekends and one downtown for weekdays. When Uber hit CDMX she shed her apartment near work and just worked from the car during her commute. Incredible how migratory patterns have changed.

  • David Yakobovitch
    David YakobovitchAI Professor at Galvanize

    Rich is a relative definition. I agree with Ernie's point however, I know several "well-off" people who have their private valets, chauffers, and other means to transit easily. Look to the start-up Blade as another known. The truth is: rich people will buy homes where they want too, independent of Lyft and Uber routes.

  • James Randorff
    James RandorffMusician, Instructor at US Navy

    Another user wrote: "Did rich people ever really take public transit to begin with?"

    Good question! Let's examine it.

    The majority of "the rich" in our country are first generation rich. They didn't inherit their millions, but instead earned them through innovation and kept them through wise financial decisions. Your average millionaire drives a low-mileage used car that was paid for in cash. They have a monthly budget. They make wise, well-examined financial decisions. And, yes, they take public

    Another user wrote: "Did rich people ever really take public transit to begin with?"

    Good question! Let's examine it.

    The majority of "the rich" in our country are first generation rich. They didn't inherit their millions, but instead earned them through innovation and kept them through wise financial decisions. Your average millionaire drives a low-mileage used car that was paid for in cash. They have a monthly budget. They make wise, well-examined financial decisions. And, yes, they take public transit (if it is available, which it isn't in most US cities).

    Now, the ultra-rich, super-recognizable multi-billionaires: Well, you probably won't see Zuckerberg on an NYC Metro.

  • Calista  Tee
    Calista Tee

    I’ve never heard anyone talking about buying homes in relative to Uber routes before. Will keep my eye peeled on the way SF residents are buying homes now.

  • Benjamin Patience
    Benjamin Patience

    That would partially explain why the Seaport District in Boston is as appealing as it is to so many people ...Silver Line there is a big disappointment, & will only get worse with continued development in that area...I’ve always suspected that most people moving into the luxury buildings there are relying heavily on ride sharing apps for their transportation needs.

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