A consortium of Hong Kong investors and Donald J. Trump are selling a stretch of riverfront land
Question:
A consortium of Hong Kong investors and Donald J. Trump are selling a stretch of riverfront land and three buildings on the Upper West Side for about $1.8 billion in the largest residential sale in city history. Mr. Trump acquired the land for less than $100 million a decade ago during a real estate recession.
a. Why has the price of land on New York City’s Upper West Side increased over the last decade? In your answer include a discussion of the demand for and supply of land.
b. Use a graph to show why the price of land on the Upper West Side increased over the last decade.
c. Is the supply of land on the Upper West Side perfectly inelastic?
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a The price of land on New York Citys Upper West Side has likely increased over the last decade due to several factors affecting both demand and suppl...View the full answer
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