Have you bought into the progressive talking point that the rich are selfish people who don’t “deserve” their wealth and success? Do you think the rich don’t help the middle class? You would be wrong on both accounts. Now comes word from this Wall Street Journal piece that the luxury real estate market has picked up, with homes selling quickly. In other words, the wealthy are spending again. What does that mean? It means they’re buying things, which means economic activity that keeps people employed.
The change is happening at all levels of the luxury market. Billy Rose, co-founder of the real-estate brokerage the Agency in Beverly Hills, Calif., said average time on market for homes in Los Angeles over $1 million was just 67 days in the second quarter. In one case, a roughly $2 million listing in Hancock Park lingered on the market last year before being taken down. This month, the same home came back on the market and sold above asking price in one day.
Whether they’re spending, saving, or investing, rich people are key to the economy. I hope to see, in my lifetime, a return to respect and admiration for the successful, rather than the envy and anger that permeates the Left today.
