<i>It&#x27;s amazing.</i><p>Not totally: returns to people living in dense cities have risen, per Edward Glaeser&#x27;s <i>The Triumph of the City</i>.<p>In addition, most cities have erected draconian land-use policies, which I wrote about here: <a href="http:&#x2F;&#x2F;jakeseliger.com&#x2F;2015&#x2F;09&#x2F;24&#x2F;do-millennials-have-a-future-in-seattle-do-millennials-have-a-future-in-any-superstar-cities" rel="nofollow">http:&#x2F;&#x2F;jakeseliger.com&#x2F;2015&#x2F;09&#x2F;24&#x2F;do-millennials-have-a-futu...</a>. That means demand is rising rapidly while supply is being strangled. Prices rise.