Real Estate
Are New York’s Real Estate Agents Perpetuating Inequality?
A sociologist is making the argument that brokers, consciously or not, have deepened divides between the city’s rich and poor.
The sun sets on Central Park Tower on Billionaires' Row in New York.
Photographer: Gary Hershorn/Corbis NewsA new book argues that the stratification in quality of life between New York’s rich and poor neighborhoods is at least partially the result of real estate agents.
“Agents’ work in shaping buyers’ choices leads to upselling,” writes author Max Besbris, referring to the phenomenon of homebuyers starting with a predetermined budget and then spending beyond it. “Repeated in aggregate, these practices create positive feedback loops that drive up prices in more expensive neighborhoods.”