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Imagine being a buyer trying to buy a home in an urban area, but instead you’re competing with a developer who wants to buy the lot and build 10 apartments. That developer is likely willing to pay way over market value, because they have more money and can expect greater return on investment. So now, if you want a house with a yard for the kids and no shared walls, you have to live in the suburbs. But you wouldn’t want to live in that house anyways, with mid-rise apartments with floor to ceiling windows constantly glaring down into your backyard.
