And as the Emerging Market hot money wave turns (thank you taper) and as recyclable capital suddenly becomes scarce, look for this trend to hit the major metropolitan centers next, as even the wealthy investors finally pull back from the luxury US housing market.
The job growth will be mostly in the service sector. But don't worry I heard those guys working over at Starbucks for minimum wage have a hard on for 5k+ penthouses studio apartments.
http://www.zerohedge.com/news/2014-02-20/rental-bubble-also-bursting
#housing