MIAMI—While Alibaba chairman Jack Ma Buys a $193 million property, “poor people” are being forced to use a separate, “poor door” to enter their complexes.
Today, because ultra-wealthy individuals are increasingly purchasing and renting real estate at exorbitant prices, rents are going through the roof displacing folks in the low-income bracket which is causing a major affordability crisis in a number of cities, particularly for the lower to middle income housing market.
GlobeSt.com caught up with Steve Joung, CEO of Pangea Properties, a Chicago-based company that has rehabbed and rebuilt over 11,000 units in the roughest neighborhoods across the US, to get his thoughts on this trend in an exclusive interview. Could this be a trend? Read Joung's thoughts and sound off in the comment box.
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