The high-price trend is further exaggerated by the large concentrations of “trustafarians,” or those with large amounts of inherited capital, in these areas. Many of these people have multiple residences — in some Manhattan buildings as many of half of the owners are non-residents — but can still drive up prices. Together with top-end business types, they can create what Mr. Gyourko describes as “the Vailization” effect: that is, turning part of the city into something akin to a high-amenity resort area, a “scarce luxury good” for a relative few and those who must remain behind to service them

makes the case that B-cities have the best value for money, and are not as homogenized