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If rates go up, then the "value" of all that expensive housing has to go down.
That may still well happen, but NINJA loans are not as prevalent, credit standards have increased (somewhat) so defaults should be fewer. I think the day of reckoning for housing bubble 2.0 that we are in is at least 5 years out, if not a decade from now.
While I wouldn't want to live in NYC of 40 million ppl, such a city would cause wages to rise in Red America as ppl moved to a more housing affordable NYC, thus raising wages for those left behind.
Densely packed cities lead to squalor, propagation of infectious diseases and misery. That leads to crime, poverty and urban blight.
https://www.worksinprogress.co/issue/the-housing-theory-of-everything/
The rest of it has some things I either could care less about or I don't agree with. But the good parts make it a worthwhile read.
This in particular: https://policyexchange.org.uk/publication/strong-suburbs/