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Why is real estate in big coastal cities so absurd?

For example paying a huge amount of money to rent a small apartment in a crime filled neighborhood in New York or Boston that 30 years ago was considered dirt cheap and affordable

Or as another example My uncle bought a house in Northern California suburbs that has 3 stories and came with a swimming pool for 600 thousand dollars, thing is a damn near mini mansion and it came with a swimming pool for fucks sakes. But people are paying millions of dollars to live in tiny condos in downtown San Francisco or New York

Long time ago it was the suburbs that were known for being expensive, cities were mostly working class minus a couple ultra rich neighborhoods which is fine and good nothing hard to understand there. What I’m having trouble getting is 1. The poor crime ridden neighborhoods still being pricey 2. People paying a million dollars for one floor condos and there being cheaper mini mansions that come with nice amenities like pools

submitted by /u/menaceman42
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source https://www.reddit.com/r/RealEstate/comments/u71mhc/why_is_real_estate_in_big_coastal_cities_so_absurd/
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